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AUGUST 2026

| MANN REPORT 1

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AUGUST 2026

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AUGUST 2026

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ONE MANN’S OPINION We’re back from our summer break and honored to feature one of the greats of our industry, Francis Greenburger of Time Equities Inc. (TEI), on our cover. Founding TEI with one desk in 1966, he turned the company into a global investment, development, asset management and capital-raising platform through shrewd analysis and a gift for creativity. When he speaks, real markets move and we’re thrilled to feature him this month. Fortunately, greatness continues in future generations, and The Mann Charitable Foundation will honor Brian Steinwurtzel, CEO and principal of GFP Real Estate LLC and Jason M. Goldberg, Northeast regional sales manager at CIT Commercial Services, at our annual Golf Outing on September 28 at the Fresh Meadow Country Club. Our Humanitarian Award will be presented to Aaron Boyajian, managing partner at Goetz Platzer LLP. It’s a day of golf, followed by dining and networking that funds research for geriatric diseases and causes that help areas of NYC that need support. To learn more, contact Penelope Herrera at pherrera@themanncharitablefoundation.com Sadly, however, I must take a moment to honor two other greats in our business — Michael Sacco and Nancy Packes — whom we lost earlier this summer. As National Consumer & Industrial Products Practice Leader at CBIZ, Mike not only was an insightful voice in fashion and retail, he was a dear friend. Nancy Packes was a pioneer in woman-owned brokerage, a brilliant consultant and a guiding light at the Real Estate Board of New York. Our industry was brighter for their presence and we will miss them.

“The greatness of humanity is not in being human, but in being humane.” — Mahatma Gandhi

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AUGUST 2026

| MANN REPORT 9

TABLE OF CONTENTS

AUGUST 2026 Photo courtesy of Sarasota Square

EVENTS

HSF Kramer Kicks Off Summer

REBNY Announces 82nd Annual Commercial Sales Most Ingenious Deal of the Year Awards

Gift of Life Hosts "One Huge Night"

Sky’s the Limit New York AIR Society Gala Honors Federico Checo, Beneﬁts National Jewish Health

Creative Art Works Raises $1.5M at Annual Beneﬁt for Kids

NEWS BRIEFS 24

Commercial News

Residential News

Management News

Tech Talk

Breaking News

FEATURES 48

Why Real Estate Tech Strategy Is Becoming Less Reactive — and More Intentional

Bringing Fire Protection Engineering Into the AI Era

Inside New York's Evolving Luxury Housing Market

A New Square in Sarasota

Baseball, Brokerage and the Long Game

10 MANN REPORT | AUGUST 2026

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AUGUST 2026

TABLE OF CONTENTS

COVER FEATURE

DEPARTMENTS 9

One Mann’s Opinion

Editor’s Letter

Columns

Executive Changes

Commercial Corner: Gregory H. Gushée, Executive Vice President, Related Cos.

By the Numbers: Tech Turns Real

Time Equities: From a One-Man Operation to a Global Real Estate Platform Photo courtesy of Time Equities Inc.

COLLEGES 80

Simone Development, NYC School Construction Authority Create Bronx STEAM Center

AEC 84

Renewing the Rails

High Art at Excel Miami

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Photo courtesy of Serhant

AUGUST 2026 | MANN REPORT 11

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EDITOR’S

LETTER From a topic few in real estate understood, let alone wanted to invest in, technology and how to use it effectively has become one of the great concerns in the industry. That’s why we’ve decided to focus on it for a second time this year. MRI Software’s Carla Hinson shares the thoughts of a number of industry leaders, while Jason Tielve of FireDesign.ai tells us how the most complex technologies can help prevent disasters caused by the most basic element. On a more terrestrial plane, Bob Knakal discusses his early obsession with data — baseball statistics — that continue to drive his business today. Rounding out our features are Merilee Kern’s interview with top luxury residential advisor Marzena Wawrzaszek and, because I love a good mixeduse project, a look at a Sarasota, Florida mall conversion into a neighborhood. Our columnists share their thoughts on New York’s City of Yes, transparency laws, liability and how bad data can hurt dealmakers. And in addition to our cover feature, Francis Greenburger of Time Equities Inc. offers a separate article on what he expects for the rest of this year in New York and beyond. There’s a whole lot of future in the pages. Enjoy.

VISIT US ON

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AUGUST 2026 | MANN REPORT 13

Photos by Greg Morris

EVENTS

HSF Kramer Kicks Off Summer Herbert Smith Freehills Kramer’s Real Estate and Land Use practices once again returned to Bryant Park Grill for what has become the commercial real estate industry’s official kickoff to summer. Hosted by practice leaders Jay Neveloff, Dan Berman and Jim Power, more than 300 colleagues, partners and industry friends old and new from across its global

network enjoyed cocktails and conversations. HSF Kramer has hosted the signature event for several years and this event marked its second as a global firm. In addition to its longstanding leadership in the United States, the group has practices globally, including London and Australia, allowing the firm to serve clients from anywhere in the world and in nearly every sector.

Dan Berman, HS

F Kramer and Su

john Sarkar, Viridi s Real Estate Advis ors

Josh Winefsky, HSF Kramer; Cat Liu, Spring 11 and Jason Hart, Carlyle

Deirdre Heffernan, HSF Kramer; Victoria Robles, El Ad US Holdings; Jay Neveloff, HSF Kramer and David West, Hill West Architects

14 MANN REPORT | AUGUST 2026

mer; Laurie Nicole Fenton, HSF Kra Michelle and l pita Golub, Afﬁnius Ca Felman, Jam Holdings

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EVENTS

Jeffrey Kleiner, Dajia US; Seth Niedermayer, HSF Kramer and Pamela Swidler, WeWork

Jason Lerner, Lerner Properties; Michael Razman, M&T Bank; Jay Godman, HSF Kramer and Barry Hammerman, Aureon Partners

Abba Barnet

Nicole De Bare, HSF Kramer and Kasia Pozniak, Westport Capital Partners

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t, Extell and

Jay Neveloff,

HSF Kramer

Jarrett LiBuono, CIM Group and Jim Power, HSF Kramer

AUGUST 2026 | MANN REPORT 15

EVENTS

REBNY Announces Winners for 82nd Annual Commercial Sales Most Ingenious Deal of the Year Awards The Real Estate Board of New York (REBNY) brought together the industry at its 82nd Annual Commercial Sales Most Ingenious Deal of the Year Awards. The annual event was held at Lever House in Midtown Manhattan. Geoffrey Newman of Savills won the top award, with professionals from CBRE finishing second and Cushman & Wakefield taking third place. “Tonight’s winners exemplify the very best of commercial brokerage — smart, complex deals executed with skill and determination,” said REBNY President James Whelan. “REBNY is proud to honor the professionals behind these transactions that drive business growth across New York City.” Since 1944, this annual member contest recognizes commercial brokerage professionals who demonstrate exceptional resourcefulness in complex property negotiations. Co-chairs of the Sales Broker Committee Woody Heller of Branton Realty Services and Michael Rudder of Rudder Property Group presented the following awards for calendar year 2025: The first-place Henry Hart Rice Achievement Award to Geoffrey Newman of Savills for “The Keys to the Park: A Gramercy Gambit” at 252 Third Avenue, 254 Third Avenue, 256 Third Avenue, 258 Third Avenue, 37 Gramercy Park and 38 Gramercy Park, New York City. For over 13 years, Newman assembled a stretch of frontage on Gramercy Park frontage that many viewed as effectively impossible, including the acquisition of a 34-unit cooperative building at the center of the deal. The breakthrough came from recognizing that the Sliver Law limited what that cooperative could become on its own. Cantilever rights were then used to move stakeholders toward alignment, and the deal was rebuilt after a judge voided a key agreement twice. Tax and brownfield complications were addressed, and Newman assembled one of Gramercy Park’s last developable corners with unanimous shareholder participation, including all 32 owners of the 34unit cooperative.

16 MANN REPORT | AUGUST 2026

The second-place Robert T. Lawrence Memorial Award to Scott Gottlieb, Brendan Herlihy and Michael Wellen of CBRE for “Music is Universal: New York City to Reclaim ‘Music Capital of the World’ Title” at 2 Penn Plaza, New York City. The CBRE team guided Universal Music Group (UMG) through a 336,000-square-foot, 20-year headquarters lease at Penn 2, consolidating a fragmented Manhattan footprint into a single home beside Madison Square Garden. The approach focused on securing space that matched UMG’s creative identity while still delivering the scale and infrastructure of a major global headquarters. Beyond the office commitment, the deal enabled UMG to activate a prominent street-level presence and establish a secure, dedicated arrival experience for artists, alongside production capabilities that support how music is created and experienced today. The resulting headquarters is designed to be more than a workplace, reinforcing UMG’s brand visibility at the doorstep of one of the world’s most important live entertainment venues and strengthening New York City’s role at the center of the music industry. The third-place Edward S. Gordon Memorial Award to Mark Weiss and Jared Thal of Cushman & Wakefield for “Way Back to the Future: Rethinking How Law Firms Operate” at 200 Fifth Avenue, New York City. Weiss and Thal represented Goodwin in a 20-year, 300,000-square-foot lease at 200 Fifth Avenue, with additional space in the adjacent 21 West 23rd Street building, after approaching the assignment through the lens of Goodwin’s culture, engagement and long-term workplace strategy. Rather than defaulting to a conventional legal-sector solution, the Cushman & Wakefield team undertook a thorough discovery process to understand Goodwin’s history, identity and future vision, then pursued a building choice that intentionally broke with industry norms in both location and physical layout. The resulting transaction also provided adjacent amenity space designed to reinforce community and make the office a destination again for years to come.

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Photos by The Real Estate Board of New York

Victor Sigoura, Nina Roket, Robert Foley, Woody Heller, Geoffrey Newman, Craig M. Deitelzweig and Michael Rudder

EVENTS

Leslie Donato

Woody Heller Mary Ann Tighe, Bill Montana and Michael Rudder

Woody Heller and Scott Gottlieb

Geoffrey Newman

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James Whelan and Jonathan Mechanic

AUGUST 2026 | MANN REPORT 17

Photos courtesy of Gift of Life Marrow Registry

EVENTS

Julie Rubinstein, Jeffrey Goldberg, Julia Kingsley, Jay Feinberg, Jason Ostheimer, Dr. Stephen Colen, Edward Blumenfeld, Stephen B. Siegel, Wendy Siegel and Mindy Schneider

Gift of Life Hosts “One Huge Night” The Gift of Life Marrow Registry hosted its One Huge Night New York City Gala, where two transplant recipients, including a 13-year-old boy, were united with their lifesaving marrow and stem cell donors for the first time. The powerful event, which took place at Gotham Hall in New York City, brought together donors, recipients, business leaders and community members in support of Gift of Life’s mission to cure blood cancer, inherited immune disorders and over 70 other diseases. The gala also served as a platform to recognize the unwavering commitment and outstanding advocacy of several supporters. The organization’s highest honor, the Lifetime Achievement Award, was presented to actress, singer and playwright Tovah Feldshuh in recognition of her years of support of Gift of Life. Her life and career reflect a profound commitment to humanity, connection and making the world a better place.

18 MANN REPORT | AUGUST 2026

Drs. Helen and Stephen Colen

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Nicholas, Emily, Andrew, Julie and Kate Rubinstein

Stephen B. Siegel, Grace Toro

and Jay Feinberg

Wendy Siegel and Tovah Feldshuh

Tova Weiser and Ezra Fineman

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Jeff Goldberg, Alan Perlman, Jason Ashlock and Mussashi Shintaku

AUGUST 2026 | MANN REPORT 19

Photos by Brittany Robey

EVENTS

Sky’s the Limit New York AIR Society Gala Honors Federico Checo, Benefits National Jewish Health The generosity and philanthropic spirit of New York demonstrated that the Sky’s the Limit when it comes to supporting the lifesaving care and research of National Jewish Health, the leading respiratory hospital in the nation. Sponsors and attendees of the 33rd annual New York AIR Society gala helped raise nearly $180,000 for the medical center, known worldwide for its expertise in lung, heart, immune and related diseases. Close to 200 guests gathered to honor Federico Checo, chief executive officer of Prestige Wellness Group Inc. “Federico came to the United States from Italy with a simple dream and built his path from employee to industry leader in thermal wellness environments. His journey reflects resilience, gratitude and a deep belief in giving back — values that continue to shape both his life and his leadership,” said Roger Silverstein of Silverstein Properties, as he presented Checo with the National Jewish Health Irving Borenstein Memorial Award.

Federico Checo and Roger Silverstein

Jennifer Widay, vice president of Kaback Service Inc., chaired the gala. Silverstein and Kathy Chazen served as chairs emeriti and are trustees of National Jewish Health. The event was held at Ascent Lounge, owned by New York AIR Society committee members Carrie and Brian Packin. Jennifer McCollough, M.S.Ed., spoke at the event. She is director of education for the National Jewish Health Morgridge Academy, a tuition-free, K-8 day school for children with chronic illnesses. More than $16,000 was raised for the school through a paddle raiser. The event featured the music of pianist Francesco Bernardi and DJ Yacine, as well as craft cocktails and a carving bar with a nod to Checo’s Italian heritage. Sponsors included CBRE, Kathy Chazen and Larry Miller, JLL, Newmark, Prestige Wellness Group Inc. and Silverstein Dream Foundation. To learn more, visit njhealth. org/NYair or @nyairsociety on Instagram.

20 MANN REPORT | AUGUST 2026

Brian and Carrie Packin

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EVENTS

Sam Gelman, Jennifer Widay, Josh Shapiro and Kyle Widay

Lucy Chen, Alanna Sachs, Sam Levin, Madison Arent, Jing Cai, Alana Chin, Victoria Hargis and Will Roller

Gelman, aen, Haley Schluter, Sam dison Arent, Slater Tra Ma gh, erico llou Fed , Co Mc tein r ers Jennife r Widay, Roger Silv Kathy Chazen, Jennife ekh Par sh Krii and piro Josh Sha III, Alexander Riguardi, Checo, Harlan Strader

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Matthew Moore, Harlan Strader III, Joseph Artusa, Julia Belkin and Omar Bustamante

Roger Silverstein and Kathy Chazen

Finley Burger, Erin Egan and Alexander Riguardi

AUGUST 2026 | MANN REPORT 21

Photos by Creative Art Works

EVENTS

Kennedy Studdard, Carol Sun and Julissa Figueroa

and Antonina Caruso ajj Ar s me Ja

Creative Art Works Raises $1.5M at Annual Benefit for Kids Creative Art Works kicked off its 40th year of serving New York City youth with its unique brand of creative youth development at its Annual Benefit for Kids. The event raised a recordbreaking $1.5 million.

Marble, Tile & Terrazzo; Joseph P. Romano, CEO, JRM Construction Management and Carol Sun, youth workforce development specialist, Manhattan Early College Academy for Marketing & Media.

The energy in The Savoy Club–GM Building was electric as over 500 guests, many from the commercial real estate industry and construction trades, mingled among dozens of exhibits of youth-created art.

The theme of the night was Perspectives, as CAW programs encourage young people to examine their own beliefs, to consider every challenge and new opportunity from a variety of angles, and to hold some space for the viewpoints of those around them. Not only are these essential skills for artmaking, but they are also necessary for living a fruitful and meaningful life.

The honorees were John C. McGinley, COO of global real estate and head of the Americas, JPMorgan Chase; Bill Hill, president, BAC Local 7,

22 MANN REPORT | AUGUST 2026

Karen Jolicoeur

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EVENTS

Andy Levin, Karen Jolicoeur, Carol Sun, John C. McGinley, Joseph P. Romano, Brian Ricklin and Madeline De León

Glen Weiss

CAW board members, staff, teaching artists and youth apprentices

Peter Van Duyne, John Pico and Alex Lochmund

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Gary LaBarbera and Bill Hill

David Arena, Joseph P. Romano, Heather McGinley, Mannion McGinley and John C. McGinley

AUGUST 2026 | MANN REPORT 23

COMMERCIAL NEWS

George Comfort & Sons Unveils Plans to Transform 44 Wall Street create a sophisticated destination that appeals to companies seeking high-end, amenitized space in the heart of bustling Lower Manhattan.”

Rendering by Gensler George Comfort & Sons, in partnership with Gaedeke Group, announced a landmark capital improvement program that will elevate the tenant and guest experience at 44 Wall Street, a boutique office tower in the Financial District. George Comfort & Sons is working with global architecture firm Gensler to integrate bold, contemporary elements that honor the 24-story tower’s architecture. When completed in late 2026, the new amenity center and redesigned entrance and lobby will better support the needs of today’s tenants, the company said. “We are honoring 44 Wall’s charming heritage with a reimagining that celebrates its original character while introducing elegant, contemporary interventions,” said George Comfort & Sons President and CEO Peter Duncan. “We are confident the improvements will

Building ownership will create a brand-new amenity center spanning 13,000 square feet on 44 Wall’s 13th floor. The space will feature wood and natural tones accented by high-end finishes, a digital art display, stylish overhead lighting and expansive windows that flood the space with natural light. A variety of conference rooms will be available for tenants to host meetings and events, including a multi-purpose presentation room capable of hosting gatherings of up to 74 people, smaller meeting rooms and areas to huddle, as well as a lounge with comfortable seating and café. The arrival experience has been entirely reimagined. The lobby will be bright and airy, featuring a marble reception desk, elegant lighting and stone walls. The entrance will reflect the same refined tone with similar stone and accents of chrome. Additionally, the tower’s street-level retail space, which is being actively marketed for lease to restaurant groups, will be transformed. The retail offering encompasses 9,168 square feet on the ground level with an additional 5,000 square feet of basement space. It offers the unique opportunity to repurpose a historical vault area and features roughly 43 feet of prime Wall Street frontage.

Jersey City Development Secures $220M Construction Loan Upon completion, Imperial Tower will deliver 542 residential units, a mix of studio, one-, two- and three-bedroom residences, as well as penthouse units; a 154-key Marriott-ﬂagged hotel and approximately 34,105 square feet of ground-ﬂoor retail space. A total of 57 of the building’s residential units will be designated as affordable.

Photo courtesy of MVMK Architecture

Originally envisioned as a smaller-scale development, Imperial Tower evolved into a 56-story mixed-use project following a multi-year planning and approvals process. The project is being developed by Kuldeep “Sunny” Kumar and Mohan Myneni, with Noble Construction serving as general contractor and MVMK Architecture serving as architect of record.

Integritas Capital and Kriss Capital announced that they have provided $220 million in construction ﬁnancing for Imperial Tower, a 56-story, 827,867-square-foot, mixed-use development located at 2966 John F. Kennedy Boulevard in Jersey City’s Journal Square neighborhood. The ﬁnancing supports one of the largest ground-up developments currently being advanced in the submarket.

“From the outset, our goal was to create a landmark mixed-use destination that supports the continued evolution of Journal Square,” Kumar said. “Integritas Capital recognized the strength of that vision and has been an invaluable partner in helping bring it to life, and we look forward to advancing a project that expands housing opportunities and contributes to the neighborhood’s long-term growth.”

“Imperial Tower represents a thoughtfully planned mixed-use development in a premier transit-oriented location that addresses a growing demand for housing and hospitality in one of the region’s most dynamic neighborhoods,” said Stephen Palmese, managing principal at Integritas Capital. “Our background as developers, combined with the construction expertise embedded throughout our vertically integrated platform, enables us to assess complex projects through a lens that many traditional lenders cannot.”

Imperial Tower will feature a contemporary glass façade, expansive views of the Manhattan skyline and a comprehensive suite of lifestyle amenities, including a rooftop inﬁnity pool, ﬁtness center, coworking lounges, private screening theater, library, children’s playroom and dedicated pet facilities. New retail offerings and streetscape improvements will activate the property’s frontage along John F. Kennedy Boulevard.

“Journal Square continues to experience strong population growth and investment activity, and we are pleased to provide ﬁnancing for a project that will expand housing supply, introduce new hospitality accommodations and contribute to the neighborhood’s continued evolution,” said Jody Kriss, founder of Kriss Capital.

24 MANN REPORT | AUGUST 2026

Located adjacent to the Journal Square PATH station, the development offers access to Lower and Midtown Manhattan and sits within one of the metropolitan area’s fastest-growing transit-oriented neighborhoods. Upon projected completion in 2028, Imperial Tower will stand among the tallest residential towers in Journal Square.

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WELCOME TO ONE NOMAD. NOW GO PLACES.

Boutique office spaces with a single purpose— to be at the center of what’s next.

875 Sixth Ave • New York, NY Michael Kaufman • 212.471.4320 • michaelk@kfmn.nyc Ready for what’s next? Visit onenomad.com or kfmn.nyc to get in touch. mannpublications.com

AUGUST 2026 | MANN REPORT 25

COMMERCIAL NEWS

51 West 52nd Street Achieves Full Occupancy to occupy floors nine through 15 of the property. Newmark Executive Vice Chairman Howard Hersch, Vice Chairmen Greg Conen and Scott Klau, Executive Managing Director Erik Harris and Managing Directors Jennifer Schreiber and Zach Weil serve as the exclusive leasing agents for the property and represented HGI in the negotiations. Savills’ Brad Walk, Matthew Barlow, David Goldstein, Joseph Learner, Matthew Brainard and Laura Whelan represented Alston & Bird. “We are proud to announce that our flagship property, 51W52, is now fully leased to a roster of prominent tenants, all of whom match the building’s prestige,” said Jordan E. Slone, HGI chairman and chief executive officer. “The success of 51W52 validates our strong faith in the resilience of the New York office market, especially for the best trophy properties in the best locations.” The LEED Gold-certified property is the only skyscraper ever designed by renowned architect Eero Saarinen. Since acquiring the property in 2021, HGI has invested approximately $128 million to modernize the building’s infrastructure, amenity offerings and common areas while preserving its unique architectural heritage. Photo courtesy of Harbor Group International Newmark has arranged a new, 169,664-square-foot lease on behalf of ownership, affiliates of Harbor Group International (HGI), at 51 West 52nd Street (51W52), fully leasing the Midtown Manhattan office tower. Alston & Bird LLP, the international law firm, has signed a 15year lease and will relocate its New York offices from 90 Park Avenue

“As we celebrate the 25th anniversary of our New York office, we are excited to expand our footprint by more than 30% and relocate to one of Manhattan’s highest-performing office environments,” said James Sullivan, partner-in-charge of Alston & Bird’s New York office. “51W52, with its state-of-the-art amenities, rich legacy and strong ownership team, will enhance our award-winning culture and inspire our attorneys and professional staff as we advise our clients on their increasingly complex legal challenges.”

Age of Stones to Open Flagship Store at 107 Sullivan Street The store will be Age of Stones’ ﬁrst permanent New York City location, occupying nearly 1,000 total square feet across the ground ﬂoor and basement levels of 107 Sullivan Street. In addition to selling Age of Stones’ signature silver statement pieces, the location will also include an on-site coffee bar. Age of Stones anticipates opening in the summer of 2026.

Photo courtesy of Manhattan Skyline Corp. Sustainable jewelry brand Age of Stones has signed a new retail lease at 107 Sullivan Street, announced Manhattan Skyline Management Corp. Operated by brothers Lautaro and Tomás Garcia de la Peña, Age of Stones produces jewelry entirely from recycled silver. Each piece is handcrafted and transformed into timeless forms imbued with meaning. The brand’s mission and ethos — from the materials sourced to the eco-friendly packaging to the methods of delivery — are guided by a commitment to ethical practices and environmental sustainability. In addition to its online store, Age of Stones operates pop-up booths at artist markets in Manhattan’s Chelsea and Brooklyn’s Williamsburg neighborhoods and Miami.

26 MANN REPORT | AUGUST 2026

“As consumers’ appetite for sustainable and repurposed fashion increases, it’s no surprise that Age of Stones has succeeded in growing its business with its first-ever brick-and-mortar location at Sullivan Mews,” said Joshua Roth, senior vice president of retail at Manhattan Skyline Management Corp. “This unique jewelry collection will be a perfect fit among the bespoke retail culture of SoHo.” “At Age of Stones, we are guided by the understanding that all life is interconnected,” said Lautaro Garcia de la Peña, principal of Age of Stones. “By supporting skilled artisans, we create opportunities for people to thrive and connect through their craft. We are excited to bring our handmade pieces, opportunity for gatherings over coffee and penchant for human connection directly to a new audience.” 107 Sullivan Street is located at the base of one of the ten apartment buildings comprising Manhattan Skyline’s 155-unit Sullivan Mews. Neighboring retailers include Global Table, Dalya, The Dutch, Blue Ribbon Sushi, Alidoro, Anonymous Hair Salon, Blue Ribbon Brasserie, Sugarfish and Sweet Rehab Parisian Bakery. Roth represented Manhattan Skyline in the long-term lease transaction. Age of Stones was represented by Sarah Shannon of Sinvin.

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EXPERIENCE. EXCELLENCE. RESULTS. Holland & Knight’s New York Real Estate Practice Group and Real Estate Capital Markets Practice Group successfully closed deals worth more than $11.35 billion in 2024. From acquisitions, dispositions, development, condominium and cooperative formation and operation to hospitality, financing, leasing, land use and real estate capital markets, our attorneys do their utmost to deliver clients with exceptional results across all sectors.

$11.35 BILLION Real Estate Practice Group Acquisitions and Dispositions: $1.93 billion Financing: $4.1 billion Leasing: $3.2 billion Land Use: $290 million

Real Estate Capital Markets Defaulted Loans, Workouts and Liquidations: $1.83 billion

www.hklaw.com Stuart M. Saft, Partner | Real Estate Practice Group Keith M. Brandofino, Partner | Real Estate Capital Markets Practice Group New York, NY | +1.212.513.3200

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AUGUST 2026 | MANN REPORT 27

RESIDENTIAL NEWS

260 East 72nd Street Tops Out Designed inside and out by Peter Pennoyer Architects, 260 East 72nd Street has reached its full 20-story height at the corner of Second Avenue and East 72nd Street. With sales slated to launch this fall, the development will introduce 60 two- to five-bedroom residences complemented by a suite of lifestyle amenities. “This is an important moment for Sky Equity Group as we continue to expand our presence in Manhattan’s luxury condominium market,” said Simon Dushinsky, founder and CEO of Sky Equity Group. “The development reflects our commitment to delivering exceptional homes defined by thoughtful architecture, quality craftsmanship and enduring value. We look forward to launching sales this fall and continuing to grow our footprint in some of the country’s most dynamic residential markets.”

Photo courtesy of The Boundary Sky Equity Group announced the topping out of 260 East 72nd Street, marking a significant milestone for the firm. As its first condominium in Manhattan, the building reflects Sky Equity Group’s commitment to delivering thoughtfully designed residential properties and underscores the firm’s continued growth across New York City and South Florida. Following a restructuring and recapitalization in 2024, Sky Equity Group assumed the role of lead developer for 260 East 72nd Street.

Drawing inspiration from the architecture of 1920s New York City, Peter Pennoyer Architects envisioned 260 East 72nd Street as a timeless addition to the Upper East Side, where the ﬁrm has been behind some of the neighborhood’s most successful residential addresses. The building features a light brick façade enriched by Indiana limestone, intricate metalwork and private terraces. “We’re proud to partner with Sky Equity Group as it brings more than 25 years of development experience to its ﬁrst condominium in Manhattan,” said Susan de França, president and CEO of Douglas Elliman Development Marketing, which is exclusively handling sales and marketing for 260 East 72nd Street. “Having worked with Simon previously at Rabsky Group and now with Dependable Equities on its South Florida building, Ombelle, we know the caliber of development expertise and execution he brings to every property.”

Report: 95% of Aspiring Home Buyers Cite Barriers to Purchase payment, each at 33%. Although the median U.S. home now costs roughly $403,000, nearly two-thirds of buyers (63%) say the most they can spend on a home is less than $400,000. More than three in four buyers (77%) think it is more difﬁcult to purchase a home today than it was ﬁve years ago, and 58% worry they may never be able to buy at all. About 57% of future buyers say they could not comfortably afford the typical $2,000 monthly mortgage payment, and 40% are concerned they won’t be able to keep up with that payment once they buy. A drop in home prices would prompt 54% of buyers to start seriously looking, followed by increased inventory in their price range (43%) and falling mortgage rates (38%).

Chart via PRNewswire An overwhelming 95% of Americans who plan to buy a home in the next ﬁve years say at least one barrier is preventing them from purchasing today, according to a new report from Best Interest Financial and Clever Real Estate, a St. Louis-based real estate company. High home prices are the top obstacle, cited by 48% of future buyers, followed by high mortgage rates and the inability to afford a down

28 MANN REPORT | AUGUST 2026

For many, homeownership is no longer the first priority. About 81% of future buyers say there are other life goals they would rather achieve first, led by paying off debt (36%), traveling the world (27%) and building a career (26%). The shift is sharpest among younger generations, with 92% of Gen Z and 87% of millennials putting other milestones ahead of buying a home, compared to just 76% of boomers. Whether they plan to buy within five years or within a year, the share of Americans who are not confi dent in their home-buying knowledge is identical, at 54%. Ultimately, 94% of buyers admit they’re concerned about purchasing a home, and 56% aren’t confi dent they can avoid regrets at closing.

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RESIDENTIAL NEWS

Douglas Elliman Expands in Mid-Atlantic with New Georgetown Office “Our new Georgetown ofﬁce deepens our footprint in the Mid-Atlantic while advancing our mission to equip agents with industry-leading resources and strengthen our position in one of the country’s most important markets.” The ofﬁce is designed as a boutique yet highly functional collaborative space for both agents and clients. The expanded footprint increases brand visibility while creating new opportunities for business development and recruitment.

Douglas Elliman Realty LLC announced its continued expansion in the Mid-Atlantic region with the opening of an office at 1027 33rd Street NW in Georgetown, Washington, D.C. The new location is the firm’s fourth location in the region. Situated at the end of 33rd Street with direct access to the waterfront, the office will serve Washington, D.C., Maryland and Virginia. “Douglas Elliman continues to expand in markets that align with our long-term vision for leadership and excellence,” said Michael S. Liebowitz, president and chief executive officer of Douglas Elliman Inc.

“Douglas Elliman is committed to being in the markets where our clients live, work and invest,” said Lena Johnson, president of national brokerage at Douglas Elliman, in the announcement. “Georgetown is a natural fit for our brand, and this new office reinforces our presence in a community that continues to shape business, culture and influence on a national scale.” Located just off M Street in Georgetown’s main retail corridor, the office offers convenient access throughout the region, including direct connections via Key Bridge to Old Town Alexandria and Arlington, as well as proximity to Georgetown University and Northwest D.C. Within walking distance of the waterfront, dining and shopping, the location places the firm at the center of one of the city's most vibrant neighborhoods.

Redfin: NYC Suburbs, Bay Area are Most Competitive Housing Markets The AI boom is driving fierce homebuying demand and competition in the Bay Area; employees of AI companies are collecting big salaries and bonuses, and many of them are putting it toward real estate. San Jose and San Francisco led the nation in home-sale growth in May, with both metros posting double-digit annual increases, and prices in San Francisco are growing faster than anywhere else in the country. New York City suburbs are perennially popular because they’re in proximity to one of the biggest job centers in the country, and homes are typically less expensive than they are in Manhattan. It’s also difficult to build new homes in New York City suburbs due to tight regulations, which can push prices up. Homebuyers are battling for homes in the New York City suburbs and the San Francisco Bay Area, pushing up prices, according to a new report from real estate brokerage Redfin. Nearly three in five (57.6%) homes in Newark, New Jersey, sold above their original asking price in May, the highest share of the 50 most populous U.S. metros. The Bay Area followed closely behind, with 57.3% of homes in San Francisco and 53.2% in San Jose selling above asking. Nassau County, New York rounds out the four metro areas where more than half of homes that sold in May went for above asking price (51.6%). A third Bay Area metro, Oakland, is number five, with 46% of homes selling over asking price. Rounding out the top 10 are Providence, Rhode Island (43.8%); Montgomery County, Pennsylvania (43.6%); Milwaukee (42.6%); Boston (42.1%) and New Brunswick, New Jersey (39.3%).

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Overall, however, the Bay Area and the Northeast are bucking the national trend. Roughly one-quarter (25.8%) of U.S. homes that sold in May went for above their original asking price. That’s the lowest May share since 2020, when the housing market was reeling from the start of the pandemic. On the flip side, more than half (55%) of homes sold below their asking price in May. The rest sold at asking price. Florida and Texas metros generally have fewer homes selling above asking price than the national average, signaling softer competition. “Buyers know they have the power, and they’re using it,” said Juan Castro, a Redfin Premier agent in Orlando, Florida. “Buyers are asking for closing cost credits, mortgage-rate buydowns and lower prices to get the deal done. Sometimes they complete the inspection, find something minor and negotiate aggressively before agreeing to close the deal. I’ve seen buyers ask for a completely new roof because it’s missing three shingles, and I’ve seen buyers ask for a $10,000 repair credit.”

AUGUST 2026 | MANN REPORT 29

MANAGEMENT NEWS

FirstService Residential Collaborates with Forbes Travel Guide on Luxury Living Benchmarks

Photo courtesy of PRNewsfoto/ FirstService Residentia

FirstService Residential has engaged Atelier CX, the consulting division of Forbes Travel Guide (FTG), to establish an elevated benchmark for residential high-rise living. Together, the organizations have developed a customized framework for FirstService Residential, grounded in hospitality principles reﬁ ned at the world’s most respected hotels.

As resident expectations continue to evolve, property management increasingly looks to hospitality as a benchmark for service excellence, consistency and accountability. This collaboration reﬂ ects a broader industry shift, where service is viewed as an intentional, end-to-end experience, the companies said. Forbes Travel Guide is recognized as a global authority on luxury hospitality, known for its annual Star Ratings of hotels, restaurants, spas and ocean cruises in more than 100 countries. As architects of customer experience, Atelier CX provides hospitality expertise, service standards and training methodologies informed by decades of experience with exceptional guest experiences. “We’re excited to collaborate with FirstService Residential as they further strengthen their approach to luxury residential experiences through hospitality-inspired service principles,” said Hermann Elger,

chief executive offi cer of Forbes Travel Guide. “This engagement refl ects FirstService Residential’s commitment to the convergence of hospitality and residential living, where thoughtful service design, consistency and luxury personalization are increasingly important to residents and communities alike.” The comprehensive FirstService Residential program includes a customized service blueprint, training for both the head offi ce and high-rise teams and regular assessments to ensure exceptional service delivery. Seven luxury residences in the United States managed by FirstService Residential are the fi rst to participate: Alina Residences in Boca Raton, Residences by Armani/Casa and Jade Signature in Sunny Isles Beach – along with Pier 4 in Boston, 53 West 53rd in New York City, The Sun Rose Residences in West Hollywood, California and Residences at the Stoneleigh in Dallas. “As resident expectations become increasingly sophisticated, property management must evolve with them,” said David Diestel, chief executive offi cer of FirstService Residential, in the announcement. “Working with Atelier CX allows us to bring greater structure, clarity and consistency to how service is defi ned and delivered in luxury residential high-rise environments.” The initiative builds on FirstService Residential’s operational expertise and leadership in property management while introducing hospitality-focused standards through a new, systematic approach to resident experience. “Our boards expect their luxury buildings to operate at the highest level,” said Robert Smith, president of the South Region at FirstService Residential. “By aligning residential high-rise service with hospitality best practices, we’re reinforcing a higher standard for consistency, training and day-to-day execution.”

Aeterna Group Unites Five Architecture AND Engineering Brands Aeterna Group, backed by Signal Hill Equity Partners, announced the launch of a national architecture and engineering fi rm, bringing together more than 230 design professionals across fi ve fi rms with deep roots in their communities: CSArch (Albany, New York), ZMM Architects and Engineers (Charleston, West Virginia), Kluber Architects + Engineers (Aurora, Illinois), KGD Architecture (Washington, D.C.) and Omni Associates Architects (Fairmont, West Virginia). Under the Aeterna Group, the fi rms will retain their individual identities and regional presence while gaining access to shared resources, expanded expertise and new opportunities that can be pursued even more effectively through collaboration. “Aeterna Group is a collective of fi rms with decades of experience, trusted relationships and proven results,” said Adam Krason,

30 MANN REPORT | AUGUST 2026

president, Aeterna Group. “Our clients will continue to work with the same professionals they know and trust. Aeterna Group will carry on the legacy of these fi rms and, together, will be able to provide clients with more support on their projects and in their communities than ever before.” CSArch is a design-driven architecture and engineering fi rm serving education, civic/institutional and corporate clients across New York State. ZMM Architects and Engineers is an architecture and engineering fi rm with a long history of legacy projects, investment in the community and a strong portfolio spanning education, government and healthcare across West Virginia, Virginia and Ohio. Kluber Architects + Engineers is a full-service architecture and engineering fi rm serving government, education, healthcare and corporate clients in the Chicago area and across Illinois. Kishimoto.Gordon.Dalaya Inc. dba KGD Architecture serves communities across the DC-Maryland-Virginia region, with a strong focus on affordable housing, multifamily residential, institutional, corporate/commercial offi ces and mixed-use projects. Omni Architects is a full-service architecture fi rm with a broad portfolio spanning corporate, government, healthcare, academic, recreational and military facilities.

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WHERE AMBITION TAKES SPACE. For over a century, Kaufman has shaped New York City’s commercial real estate landscape. We combine deep market intelligence, trusted relationships, and tire eless dedication to deliver results that build lasting value.

FROM VISION TO VALUE. NEW WORK STARTS HERE.

TENANT REPRESENTATION LANDLORD REPRESENTATION PROPERTY MANAGEMENT CONSTRUCTION & OPERATIONS ACCOUNTING & FINANCE CONSULTING & EXPERTISE

www.kfmn.nyc

450 Seventh Ave

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AUGUST 2026 | MANN REPORT 31

MANAGEMENT NEWS

Brightstar Capital Partners Acquires Erdman Brightstar Capital Partners (Brightstar), a middlemarket private equity fi rm focused on control-oriented investments in business services, industrials, technology, media and telecom and fi nancial services companies, has acquired Madison, Wisconsinbased Erdman, an architecture and engineering fi rm specializing in healthcare and senior living facilities. Erdman joins KZF Design as part of Brightstar’s architecture and design platform, which the fi rm established with its acquisition of KZF in 2025. Founded in 1951, Erdman has spent more than seven decades designing hospitals, medical offi ce buildings and senior living communities for clients across the country, with active licenses in more than 45 states. The fi rm has also developed ZeroIn, a proprietary healthcare analytics platform that supports data-driven market and facility planning.

“The 80-and-over population is projected to roughly double over the next two decades, driving sustained demand for exactly the types of facilities Erdman designs,” said Dan Faust, CEO of Brightstar’s architecture and design platform. “We believe Erdman is wellpositioned to serve that demand, and their team brings the specialized expertise and client relationships we look for in design partners.” “We have spent decades building relationships with clients who trust us to design spaces that elevate the human experience,” said Rustin Becker, president and CEO of Erdman. “Brightstar understood what makes Erdman work and wanted to invest in it, and that gave us the confi dence to move forward together.” “The architecture and design industry is home to outstanding regional firms, and our goal is to create an integrated platform to help them grow, collaborate and serve clients in ways that would be difficult to achieve independently,” said Michael Burke, board chair of Brightstar’s architecture and design platform and former chairman and CEO of AECOM. “Erdman brings sector depth, a national footprint and a proprietary analytics capability that we believe strengthens the platform.” Brightstar’s architecture and design platform partners with regional fi rms, providing strategic backing, shared capabilities and a collaborative operating model designed to preserve each fi rm’s culture while enabling growth.

NJEDA Board Approves $79M for Building Decarbonization The New Jersey Economic Development Authority (NJEDA) Board approved $79 million in grant awards to 10 largescale decarbonization and energy efﬁciency projects under the Reducing Emissions through Retroﬁts, Optimization, Fuel-Switching and Innovative Technologies (RETROFIT NJ) Program.

dioxide-equivalent emissions.

The awards, spread across nine communities, will advance solar generation and battery storage projects, generate energy to power nearly 3,000 homes, lower energy costs and eliminate over 845,000 metric tons of carbon

The awarded projects include a combined 20.3 megawatts (MW) of solar and 86.9MW of battery storage, supporting $238 million in economic activity, with $54 million of the awarded funding directed to projects in the state’s Overburdened Communities. The suite of approved projects will reduce electricity usage by 30.7 million kilowatts (kW) annually, relieving strains on the state’s electric grid and lowering energy costs. The Retroﬁt NJ program utilizes $79 million in Regional Greenhouse Gas Initiative (RGGI) funds. The 10 awards funded under the RETROFIT NJ Program are: Camden County Vo-Tech School, Sicklerville, $10 million for the installation of a 2.1MW solar system, high global warming potential (GWP) refrigerant replacements, energy efﬁciency upgrades and two electric vehicle charging stations.

32 MANN REPORT | AUGUST 2026

Christ Church/CARE Center of NJ, Rockaway, $6.9 million for the installation of a 1.78MW solar system, air source heat pumps, highGWP refrigerant replacements and energy efficiency upgrades. 3. DGMB Casino LLC (Resorts Casino Hotel), Atlantic City, $8.8 million for the installation of a 2.1MW solar system, a 16MW energy storage system and a Building Management System upgrade to effectuate greater energy efficiency. 4. Housing Authority of Plainfield, Plainfield, $3 million for the installation of a 69kW solar system, air source heat pumps, highGWP refrigerant replacements and energy efficiency upgrades. 5. Port Authority of New York and New Jersey, Newark, $2.9 million for the installation of a 581-kilowatt solar system, replacement of natural gas air and water heating units with electric heaters and heat pumps, energy efficiency upgrades and three electric vehicle charging stations. 6. Port Authority Trans-Hudson, Jersey City, $9.5 million. The project includes installation of a 690.5-kilowatt solar system, replacement of multiple natural gas and oil-fired heating systems with clean alternatives, and energy efficiency upgrades. 7. Rutgers, the State University of NJ, New Brunswick, $8 million. The project will replace aging underground high-temperature hot water distribution piping with new, pre-insulated piping on and between Busch and Livingston Campuses, a thermal energy network that will provide heating, domestic hot water and cooling to approximately 124 campus buildings. 8. Showboat Hospitality LLC, Atlantic City, $9.9 million for the installation of a 4.3MW energy storage system, high-GWP refrigerant replacement, and energy efficiency upgrades. 9. Somerset Holmdel Development (Bell Works), Holmdel, $10 million for the installation of a 12.99MW solar system, high-GWP refrigerant replacements and energy efficiency upgrades. 10. X-L Plastics, Clifton, $10 million for the installation of a 47MW energy storage system, refrigerant replacements, replacement of gas-fired rooftop units and gas-fired domestic hot water heaters with high-efficiency electric heat pump systems and energy efficiency upgrades.

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Itinerary 8:30 AM

Arrival and Registration

9:00 AM

Breakfast/Brunch

11:00 AM

6:00 - 7:00 PM

Call to Carts

11:15 AM (Sharp) Shotgun Start

Dinner and Presentation of Golf Winners and Honorees

5:00 - 6:00 PM

Hors d’Oeuvres and Cocktails

Annual Golf Event

MANN CHARITABLE

The Mann Charitable Foundation is having its annual golf outing this year at the wonderful Fresh Meadow Country Club on Monday, September 28, 2026. Formed by Irving and Marion Mann,The Mann Charitable Foundation supports research to ﬁght life-threatening diseases. Expect another amazing outing, supporting causes of mainly geriatric diseases such as Alzheimer’s disease, Crohn’s and Colitis, Lymphoma, Macular Degeneration, liver disease and more. We have our honorees, one of which will be receiving the Michael Kerr Humanitarian Award in honor of one of my best friends, Michael Kerr. We hope to see you there supporting our causes and spreading the awareness for a better future.

Honorees

Jason M. Goldberg Regional Sales Manager CIT Commercial Services (A subsidiary of First Citizens Bank)

September 28, 2026 Location

Tickets

Fresh Meadow Country Club 255 Lakeville RD, Lake Success, NY 11020

Golf $950 per person $3,800 per foursome Dinner and Cocktails Only $300 per person

Brian R. Steinwurtzel CEO and Principal GFP Real Estate Gural Family Properties

Michael Kerr Humanitarian

Co-Chairs Orin Wilf

Mitti Liebersohn

Frank Grimaldi Dean Palin

Aaron Boyajian Managing Partner Goetz Platzer LLP

For more information, please contact: Penelope Herrera pherrera@themanncharitablefoundation.com 212-840-6266 ext.313

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AUGUST 2026 | MANN REPORT 33

TECH TALK

Suffolk Launches “Jobsite of the Future” our use of artificial intelligence and data will fundamentally change that trajectory and redefine how America builds for generations to come.” Suffolk’s clean data lake contains approximately 293 terabytes of structured construction data, which is the equivalent of roughly 75 billion pages of PDFs. Every day, 50 million more pages of new project data flows in from Suffolk jobsites across the country.

Photo via Business Wire Construction giant Suffolk has launched Jobsite of the Future, a firstof-its-kind artificial intelligence (AI)-enabled operating model designed to transform how construction projects are delivered nationwide. Powered by Suffolk’s decade-long investment in clean data, advanced technologies and artifi cial intelligence, Jobsite of the Future embeds AI engineers in active project teams to improve decision making and efficiencies and modernize the construction process. Jobsite of the Future consists of innovation workspaces located on site at projects, equipped with advanced AI tools and real-time project data managed by AI engineers. The AI engineers focus on three core areas where artificial intelligence can have the greatest impact on the built environment: design, schedule and process. “Jobsite of the Future is our boldest investment yet,” said John Fish, chairman and CEO of Suffolk. “As costs continue to rise, labor shortages persist and productivity declines, the construction industry has reached an inflection point. We believe Jobsite of the Future and

Unlike traditional innovation initiatives that operate remotely from active projects, Suffolk’s AI engineers are embedded directly on jobsites and participate in critical project meetings, including schedule updates, requisition reviews, submittal coordination and shop drawing reviews. Their proximity to operations allows them to identify inefficiencies firsthand and rapidly deploy AI-enabled solutions that improve execution and productivity. The initiative is delivering measurable operational improvements through AI-enabled tools and workflows, including: • Faster schedule updates through voice-enabled scheduling technology that reduces multi-day processes to a matter of hours. • AI-assisted design review tools that identify drawing conflicts and coordination gaps before construction begins, helping reduce costly downstream rework. • AI-powered procurement and delivery tracking systems that improve visibility into supply chain risks and lead times. • Computer vision and site intelligence technologies that reduce time spent documenting and recalling jobsite conditions. • AI-driven operational playbooks that accelerate information retrieval and improve process compliance across project teams. Jobsite of the Future is currently being deployed across multiple sectors and projects nationwide.

Beck Technology Launches Destini Cloud, Unifying Preconstruction with an AI-Powered Connected Platform spreadsheets, Destini Cloud centralizes all core preconstruction functions into a single platform, eliminating operational friction and enabling more confi dent, data-driven decision making. “Preconstruction teams are being asked to produce more accurate information in less time, but many are still working across disconnected systems that create friction and increase risk,” said Michael Boren, chief product officer at Beck Technology. “Destini Cloud was purposebuilt to remove those barriers by connecting the workflows estimators rely on every day into a single, unified platform.” Photo via PRNewswire Beck Technology announced the general availability of Destini Cloud, a cloud-native, AI-enabled preconstruction platform that unifies estimating, takeoff, bidding and analytics into a single, connected environment. The launch introduces a new category of connected preconstruction platforms designed to serve as a single source of truth for preconstruction. As contractors face increasing pressure to deliver faster, more accurate estimates while managing growing project complexity, Destini Cloud provides a modern foundation for improving cost certainty earlier in the construction lifecycle. Unlike traditional workflows that rely on fragmented applications, manual data transfers and disconnected

34 MANN REPORT | AUGUST 2026

Destini Cloud supports the full preconstruction lifecycle, from conceptual estimating through GMP, bringing together workﬂows that have historically been siloed across multiple tools, including comprehensive estimating, integrated 2D and 3D takeoff directly connected to the estimate, AI-assisted takeoff, centralized drawing management, integrated bid management and open API architecture enabling third-party integrations. The platform provides both a Restful API and a unique Microsoft PowerBI semantic model, enabling near real-time analytics both within and outside the platform. Current out-of-the-box analytics include cost history, variance reporting and win/loss analysis, with continued expansion planned to support more advanced use cases, including AI-driven insights.

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TECH TALK

Payscore and DoorLoop Partner to Improve Tenant Screening Income verification platform Payscore has announced a partnership with DoorLoop, an AI-native property management software provider, to bring realtime financial data directly into the tenant screening process, enabling multifamily housing operators to make faster rental application decisions and approve more qualified renters. Payscore income insights in DoorLoop lift approval rates up to 20%, risk controls intact. DoorLoop selected Payscore after evaluating multiple tenant screening and income verification providers, citing its accuracy, speed and ability to translate complex earnings data into clear, decision-ready insights. The integration embeds Payscore directly into the DoorLoop platform, giving property managers instant, consentbased access to a renter’s full financial profile within their existing tenant screening software workflow. Photo via PRNewswire

Payscore data shows that applicants evaluated using veriﬁed income insights can see approval rates increase by up to 20% compared to traditional credit-only tenant screening, without increasing risk. It analyzes income consistency across a wide range of earning types,

delivering a more accurate view of renter income and financial stability. “Property managers don’t need more data, they need better insight from high-quality data,” said Mark Fiebig, co-founder and CEO of Payscore. “This partnership brings real financial insight directly into the leasing and tenant screening workflow, enabling decisions that are faster, fairer and more accurate.” DoorLoop cited Payscore’s depth of analysis and seamless integration as key differentiators in its decision to partner. “We looked closely at every major player in the tenant screening and income verification space,” said Adam Mait, co-founder of DoorLoop. “We chose Payscore because their insights are clear, their decisioning is highly reliable and their technology accelerates the workflow for both our customers and their tenants. Just as importantly, their team understands the experience on both sides.” With Payscore embedded, DoorLoop users can: Approve more qualified renters using verified income data, not just credit scores. • Reduce rental application drop-off with a fast, user-friendly screening experience. • Make faster tenant screening decisions with clear, standardized insights. • Expand access for renters while maintaining strong underwriting and risk controls.

•

The partnership expands Payscore’s presence within DoorLoop’s growing ecosystem of property management integrations.

Zillow Launches Personalized Homebuyer Hub Zillow has launched a personalized hub that guides home buyers through every step of their purchase in real time. In addition, three new features have been designed to give buyers and sellers more clarity at every stage of the transaction.

Photo via PRNewswire

The median home search for a buyer takes from three to four months, involves countless conversations with an agent and lender, and culminates in gathering documents at a few days’ notice, all while tracking a budget on a spreadsheet.

The process moves more than half of buyers to tears, according to Zillow research. In addition, today’s buyers, nearly half of whom are ﬁrst-timers, are navigating a market where the housing recovery is “back on pause,” with mortgage rates climbing past 6.5%, adding more uncertainty to an already complex process. Now, Zillow is giving buyers a clearer path forward: a single place where everything comes together. The new personalized hub guides buyers

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through four milestones: setting a budget, finding a home, making an offer and closing the deal. It brings together goals, finances, tasks, documents and the agent and lender a buyer is working with, all in one place. And all of those details update automatically as the journey evolves, so buyers always know where they stand and what to do next. “Zillow has spent 20 years turning on the lights in real estate, giving buyers and sellers access to information they’d never had before,” said Jeremy Wacksman, Zillow’s chief executive officer. “The next frontier is the journey itself: the financing, the coordination, the offer, the closing. For the first time, every home shopper on Zillow has a single place that brings it all together, so instead of wondering what comes next, they always know exactly where they are and what to do.” The hub immediately displays BuyAbility, a personalized, real-time affordability tool that helps buyers understand the range of home prices and monthly payments that may fit their financial situation; local market insights including market conditions, median days to pending, active listings and a one-year price forecast and the shopper’s team. From there, buyers are guided through four milestones: setting a budget, finding a home, making an offer and closing the deal. The hub shows buyers which areas to focus on and lists the steps to follow below each milestone. Progress is updated automatically — when a buyer gets preapproved, the hub moves forward; when they go under contract, closing tasks appear. The hub is on iOS and Android and will be coming to Zillow.com.

AUGUST 2026 | MANN REPORT 35

Schulte Roth & Zabel’s Real Estate Group

TRUSTED ADVISERS ON DEALS THAT DEFINE THE MARKET COMPLETING BILLIONS OF DOLLARS IN TRANSACTIONS ANNUALLY FOR MANY OF THE MOST INFLUENTIAL PARTICIPANTS IN THE REAL ESTATE INDUSTRY

Schulte Roth & Zabel LLP New York | Washington DC | London www.srz.com The contents of these materials may constitute attorney advertising under the regulations of various jurisdictions.

36 MANN REPORT | AUGUST 2026

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Financing solutions built to match your vision

With over 75 years of experience and deep understanding of industry challenges, IDB’s Commercial Real Estate team supports property owners, developers and builders across every type of financing requirement. We can help you keep pace with changes in the marketplace, while maintaining high credit quality levels and providing the personalized service, efficiency and flexibility to fit your specific needs.

For more information about financing solutions that meet your specific needs, visit idbny.com.

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BREAKING NEWS

Eastern Union Adds Kunstlinger as First Senior Broker Commercial real estate mortgage brokerage Eastern Union announced the next phase of its nationwide expansion, with the signing of top-producing broker Elliott Kunstlinger as the first senior broker to join under the plan. Kunstlinger, known for closing some of the market’s largest and most complex financings, is the first of several senior and emerging brokers now in discussions to join the firm. Photo courtesy of Eastern Union

Before moving into brokerage, Kunstlinger spent years on the ownership side of commercial real estate, giving him a principal’s view of how complex deals are ﬁnanced and closed. He has since built a reputation for large, intricate transactions and the repeat institutional relationships that come with them. His recent work includes two separate $225 million engagements on a single Sixth Avenue asset in Manhattan, an original ﬁnancing and a later

modification for the same institutional client, a $92 million financing in Brooklyn, an $85 million transaction on Manhattan’s Seventh Avenue and numerous financings in the $50 million to $100 million range across New York, New Jersey, Illinois, Florida, Connecticut, Ohio and Georgia. “Elliott’s joining us reflects what we’ve built over 25 years and signals where we’re headed,” said Ira Zlotowitz, chairman of Eastern Union. “Abe Bergman [president] and I are committed to this expansion and to making sure every broker who comes aboard has the platform, the support and the compensation to perform at the highest level. Elliott won’t be the last. We’re in active conversations with senior and newer brokers across the country." The move comes amid strong deal momentum. Most recently, the firm secured a $125 million acquisition loan for The Pavilion, a 1,115-unit apartment complex in Chicago, and closed a separate $54 million transaction in the same period. Eastern Union surrounds every broker with a full in-house team, anchored by hands-on underwriting and supported by processing, administrative, and research staff, so brokers can focus on originating and closing. The firm was also an early investor in data and technology and continues to lead the industry in applying AI to commercial mortgage brokerage, giving brokers VIP access to its AveryGPT platform, its tech team and its research department. All of that comes at no cost to the broker.

Charney, Tavros, Incoco Close on Construction Capitalization for 175 Third Street in Gowanus Charney Companies, Tavros and Incoco Capital closed on the construction capitalization for 175 Third Street in Brooklyn, the ﬁfth building in the Gowanus Wharf campus. Apollo and Afﬁnius Capital LLC are providing $600 million in debt while RXR is providing $185 million in equity.

Rendering by bucarest. studio

Once completed, 175 Third Street will be the largest building in Gowanus, with approximately 1.1 million square feet and nearly 1,100 residences spanning 27 stories. Twenty-ﬁve percent of the development’s units will be permanently affordable.

“Securing this financing with Apollo, Affinius and RXR validates both the strength of 175 Third Street and our long-term commitment to this waterfront community,” said Justin Pelsinger, partner and COO at Charney Companies. “We are excited to begin construction on this transformative building alongside the canal and we expect it, and our other properties at Gowanus Wharf, to enhance the dynamic of living and lifestyle in the neighborhood.” Designed by Bjarke Ingels Group (BIG), the property brings resilient design, affordable housing and a 28,000-square-foot public waterfront esplanade to Gowanus created by Field Operations in collaboration with the NYC Department of Parks & Recreation. Life Time has signed a 85,000-square-foot lease for a three-story fitness club and spa.

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“175 Third Street will be Gowanus’ most significant development and one of the most prominent in both Brooklyn and New York City overall. The asset represents the capstone of a thesis we’ve spent nearly 10 years building and will result in one of the most significant deliveries of affordable housing by any single building in the city,” said Colin Rankowitz, partner at Tavros. “With market-leading retail partners already signed on and an impressive, innovative design from Bjarke Ingels, we know this project will be recognized worldwide,” said Fa Park, CEO and Founder of Incoco Capital. “This property represents a high-quality, large-scale multifamily development with strong fundamentals in one of Brooklyn’s fastestgrowing neighborhoods,” said Ben Gray, partner at Apollo. “The New York City housing market remains undersupplied, and we are pleased to provide a scaled financing solution to support a sponsorship team with deep local market expertise as they execute their broader vision for Gowanus Wharf.” “We are excited to partner with Charney Companies and Tavros on 175 Third Street, a high-quality residential development, a project that exemplifies the kind of impactful, community-transforming development we seek to support, providing much-needed housing in the Gowanus neighborhood,” said Russ Young, head of investments at RXR. The JLL Debt team that arranged the financing was led by Senior Managing Directors Christopher Peck and Peter Rotchford and Senior Director Nicco Lupo. "What resonated with capital was the combination of a premier location, a truly differentiated residential offering and sponsors who have already demonstrated their ability to execute in this neighborhood,” said Peck.

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AUGUST 2026 | MANN REPORT 39

BREAKING NEWS

The Moinian Group Inks 70,000SF at 60 Madison Ave. The Moinian Group has signed 70,000 square feet of new leases at 60 Madison Avenue with Foundational Labs Inc. d/b/a Pace, GovWell Technologies Inc., The Full Picture LLC and Tenex Labs LLC.

Photo courtesy of The Moinian Group

“60 Madison Avenue, with its prime Midtown South location directly on Madison Square Park, continues to attract innovative and fast-growing companies seeking high-quality ofﬁce space in one of Manhattan’s most dynamic business districts,” said Joseph Moinian, founder and chief executive at The Moinian Group.

These leases, all signed within two weeks, demonstrate the strong demand for thoughtfully designed, move-in-ready spaces and build upon the momentum we have established at the property throughout 2026, the company said.

Foundational Labs, Inc. d/b/a Pace, an enterprise artificial intelligence startup that builds an “agentic workforce” for the insurance industry, signed a 17,500-square-foot lease for the entire seventh floor of the building. Pace was represented by Nicholas Markel of Cresa in the transaction. GovWell Technologies Inc., an AI operating system for government, signed a 17,500-square-foot lease for the entire eighth floor of the building. GovWell was represented by Christopher Foerch, Zev Holzman and Riley Scanlon of Savills in the transaction. The Full Picture LLC, a strategic communications, brand strategy and production firm, signed an 8,000-square-foot lease for a portion of the 11th floor. The Full Picture was represented by Michael Herz and Waite Buckley of Cresa in the transaction. Tenex Labs LLC, a technology agency focused on delivering innovative solutions, signed a 25,000-square-foot lease for the entire 12th floor and penthouse level of the building. Tenex Labs was represented by Noel Flagg and EN Cutler of Newmark in the transaction. The Moinian Group was represented by Gregg Rothkin, Hayden Pascal, Jared London, Taylor Walker and Keegan Schenk from CBRE in all transactions.

Soloviev Group Unveils New Amenity Spaces at 9 West 57th Street Soloviev Group revealed an image of the amenity space and disclosed that the flagship building 9 West 57th Street is nearing full occupancy, underscoring continued demand for premier, class A office space. “Filling 9W is something that has never been done Photo via PRNewswire before and has always been a moderate goal of mine because I put a lot of time into this building throughout my life,” said Stefan Soloviev, chairman of Soloviev Group. “My father assembled 17 parcels and bet everything he had to build this amazing building and though our business styles clashed as did we, it's somewhat satisfying that through it all we collectively made 9 West 57th Street the best building in the world.” The announcement follows a series of high-profile transactions at the property, including an April lease on the 50th floor averaging $340 per rentable square foot (RSF).

• • • • • •

feet on the 50th floor averaging $315 per rentable square foot. The deal was represented by Paul Amrich and Neil King of CBRE. Infinedi Partners’ signing of a 10-year lease for 7,080 rentable square feet on the 50th floor, averaging $297.50 per rentable square foot, represented by Troy Elias of Cushman & Wakefield. An existing tenant’s 12-year expansion lease for 21,194 rentable square feet on the 48th floor, represented by Neil King of CBRE. Continuim LLC’s seven-year lease for 5,154 rentable square feet on the 30th floor, averaging $240 per rentable square foot. The deal was represented by Jonathan Anapol of Prime Manhattan. Halle Capital Management’s seven-year lease for 6,877 rentable square feet on the 30th floor averaging $230 per rentable square foot. The deal was represented by Michael Movshovich and Grant Potter of Cushman & Wakefield. Redding Ridge Asset Management’s 10-year lease for 8,097 rentable square feet on the 23rd floor averaging $217.50 per rentable square foot. Catch Hospitality Group’s 15-year lease for 20,688 usable square feet for a new fine dining concept in the former Cucina 8 ½ space.

The soaring skyscraper recently completed major upgrades to the lobby, elevator modernization, and building system technology.

Included within the recently signed transactions are two existing tenants. Both organizations are expanding their footprints at the property through new long-term leases. Their decisions to do so further demonstrate sustained tenant conﬁdence and satisfaction in 9 West 57th Street.

Additionally, as part of its commitment to bolstering the tenant experience, 9 West 57th Street introduced a 20,000-square-foot amenity ﬂoor, offering Central Park views, modern conferencing, multifunctional meeting space, a grab-and-go coffee bar, executive dining and a hospitality area. Plans for slight modiﬁcations to the spaces are underway.

Additional signed transactions include: • Webster/SFI’s signing of a 10-year lease for 5,063 rentable square

The CBRE team of Howard Fiddle, John P. Maher, Gregg Rothkin, Alex Leopold and Tara Rhodes represented ownership in the transaction.

40 MANN REPORT | AUGUST 2026

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AUGUST 2026 | MANN REPORT 41

TIME EQUITIES

From a One-Man Operation to a Global Real Estate Platform

42 MANN REPORT | AUGUST 2026

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Photo courtesy of Time Equities Inc.

COVER STORY As Time Equities marks its 60th anniversary, Founder and CEO Francis Greenburger reflects on the pivotal moments, partnerships and market cycles that transformed a small office-leasing venture into a global diversified real estate investment company.

Photo by Jack Shear

entrepreneurial. As a teenager, Greenburger formed a corporation called TCC Productions to manage a pair of local rock-and-roll bands. At the same time, Greenburger was attending school, working part-time at his father’s literary agency and operating several small side businesses, including a book distribution company. The ventures were short-lived, but the corporate shell remained. When he leased office space for the business, he rented more than he needed and subleased the excess space to other tenants. The arrangement worked surprisingly well, and soon, landlords began offering additional space. What started as two rooms became an entire floor. One floor became two. Then came multiple buildings. With his hand now in the real estate business, Greenburger renamed TCC Productions to Time Equities because, simply put, real estate creates equity over time. Greenburger had discovered an underserved tenant population — small businesses seeking affordable office space in walk-up buildings that larger landlords were reluctant to manage.

In 1966, what has become known as Time Equities Inc. (TEI), consisted of a single entrepreneur, a rented office and a business idea that had little to do with real estate. Sixty years later, the company has grown into a diversified real estate investment, development, asset management and capital-raising platform with assets and investors spanning the country. Along the way, it has survived market crashes, transformed alongside advances in technology, expanded internationally and continually reinvented itself to meet changing market conditions. For Founder and CEO Francis Greenburger, the company’s history is less a story about growth than one about adaptation. “The world is always changing,” Greenburger said. “Success comes from being able to adapt.” That philosophy has guided TEI through six decades of evolution. The company’s origins were unexpectedly

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“I realized I’d found a niche,” he recalled. Importantly, he was not buying buildings. He was leasing them and creating value through management, leasing and subleasing. The model required creativity more than capital. The transition to owner came gradually in the years following. An early Greenburger supporter, a friend of his father, invited him to participate in the acquisition of a loft building in Manhattan. Shortly afterward came a small apartment building on Barrow Street in Greenwich Village which would establish another vertical of TEI’s future business model. Greenburger did not have the capital to purchase the property himself. Instead, he assembled a small group of investors, each contributing a modest amount toward the acquisition. Looking back, it was the start of the company’s syndication business.

AUGUST 2026 | MANN REPORT 43

Bob Kantor and Francis Greenburger (1987)

The concept of bringing together investors to participate in real estate opportunities would eventually become a cornerstone of TEI’s business. By the late 1970s and early 1980s, the company had entered what would become one of the most significant chapters in its history: cooperative and condominium conversions. New York City was changing, and TEI became one of the most active participants in the co-op conversion movement. Over time, the company converted approximately 100 buildings and more than 10,000 apartments throughout the city. The period also reinforced Greenburger’s belief that real estate could create lasting social and economic impact. One project in Clinton Hill, Brooklyn, remains especially meaningful. At the time, the property was suffering from severe deterioration, and many doubted residents could purchase their apartments. TEI pursued a different approach, helping secure financing that allowed moderate-income residents to become homeowners. Some apartments sold for approximately $12,000, requiring only a modest down payment of $750 from purchasers. Decades later, many of those homes are worth over $1 million. For Greenburger, the project demonstrated how real estate could strengthen both communities and individual families. As the company expanded, another pivotal moment arrived in the form of a partnership that would help shape TEI for decades. In the mid-1980s, Greenburger was negotiating the acquisition of a property from Bob Kantor. The transaction was no easy feat with negotiations happening around the clock for days as the parties raced to complete the deal. What emerged from the experience was mutual respect. At the recommendation of a mentor, Greenburger had already begun searching for someone to help oversee the company’s growing operations. After the transaction closed, he reached out to Kantor. Rather than recommending another candidate, Kantor suggested himself. The decision proved transformative. Over the next forty years, Greenburger and Kantor built one of the industry’s most enduring executive partnerships. Both describe an unusual ability to approach problems similarly and arrive at the same solutions independently, and most importantly, do so in an ethical and responsible way.

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As the company grew, Greenburger increasingly focused on bringing in talented people and empowering them to lead. He often describes himself as a listener rather than a top-down manager, believing that successful organizations are built by giving capable people ownership of ideas and responsibility for execution. That philosophy helped create the leadership foundation that would carry TEI through both periods of growth and periods of crisis. Yet the company’s greatest test was still ahead. The real estate collapse of 1989 remains one of the defining moments in TEI’s history. At the time, the company was heavily invested in the co-op and condominium business, and when lending institutions dramatically halted apartment financing, the market effectively froze. The impact was immediate. Banks had financed projects, apartments were ready for sale and buyers existed, but financing had disappeared. Revenue evaporated while debt obligations remained. “In 1989 we sold 1,000 apartments. That’s 20 a week, and we didn’t have closings on Fridays, so we were closing five a day, every day, for an entire year. In 1990, we sold three apartments. Our sales went from a thousand to three,” said Bob Kantor. The crisis threatened the company’s survival and many competitors in similar situations did not survive. Greenburger has described the period as the most difficult challenge the company ever faced, but TEI responded with an approach that remains central to its identity – transparency. Leadership met directly with lenders, regulators and stakeholders, openly communicating the company’s challenges rather than attempting to conceal them. The company also sought guidance from the New York Attorney General’s office regarding disclosure obligations, ultimately helping shape practices that later became industry standards. “There was luck,” Greenburger acknowledges. “But mostly we did what we always do. We tried to be honest and straightforward.”

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COVER STORY The recovery took years, yet the experience ultimately strengthened TEI’s reputation. Bankers who worked with the company during the downturn remembered its transparency long after the crisis ended, carrying those relationships with them as they moved to new institutions. The lessons learned during that period influenced nearly every chapter that followed. While TEI’s early years were concentrated in New York City, the company increasingly grew into new geographies and property types. What began in Manhattan gradually expanded into a national footprint. Over the following decades, TEI acquired and developed assets across multiple regions and property sectors, transforming the company from a New York-focused owner into a diversified real estate platform with investments spanning the United States and beyond. As the business evolved, so did its organizational structure. Leadership positions emerged to oversee increasingly sophisticated platforms. Asset management, development, accounting, acquisitions and operations became dedicated disciplines within the organization, many of them still led today by executives who helped build those platforms from the ground up.

For Greenburger, the goal is not simply continuity but preservation of the culture that enabled the company to reach its 60th anniversary. When asked what makes him most proud, he does not immediately point to acquisitions, developments or financial milestones. Instead, he points to ethics, transparency, the investors who have remained with the company for multiple generations and most of all, the people who made the journey possible. Any building, he often says, is simply a physical asset. What gives it life are the people who manage it, invest in it and care for it. The next chapter for TEI will likely look very different from the first. The market cycles will continue, technology will evolve and new challenges will emerge. But the principle that has guided the company for six decades remains unchanged. As Greenburger often says, “Make hay while the sun shines, but carry a large umbrella.” After 60 years, that mindset of growth, preparation and adaptability continues to shape Time Equities’ future.

With the desire to continue growing the portfolio came the focus on capital raising. For years, TEI relied largely on a network of longtime investors, many of whom had invested alongside the company for generations. But the aftermath of the 1989 downturn changed lending requirements, and banks increasingly demanded more equity, making access to capital even more important.

Photos courtesy of Time Equities Inc.

The solution became Time Equities Securities. The broker-dealer platform gave TEI the ability to reach a broader investor audience and connect with financial advisors throughout the country. To get the platform up and running, executives obtained licenses, studied regulatory requirements and immersed themselves in an entirely new ecosystem of capital formation. Over time, the platform became a critical growth engine for the company and it still is today. It also reflected a broader evolution underway at TEI. What had begun as a real estate operator was becoming a fully integrated investment platform capable of sourcing opportunities, managing assets, developing projects and raising capital. The company’s ability to evolve again proved valuable during the 2008 financial crisis. While Greenburger has often compared the emotional impact of 2008 to the trauma of 1989, the company approached the downturn with the benefit of experience. Rather than reacting with panic, the organization focused on preserving flexibility and managing through uncertainty, and the same culture that had helped TEI survive earlier crises once again proved effective. Fast forward to today, TEI looks very different from the company Greenburger founded six decades ago. Instead of a one-person operation, the organization is led by a deep bench of executives supporting a 45 million-square-foot portfolio with more than 350 properties across 37 states and seven countries. Many of these leaders got their start in the real estate business through TEI’s internship program and have built their careers in tandem with and alongside TEI’s growth. Today, they manage specialized, in-house businesses in their areas of expertise that would have been unimaginable during the company’s earliest years, including acquisitions, asset management, construction and development, equity capital markets, legal, accounting, operations and more. mannpublications.com

"There was luck...But mostly we did what we always do. We tried to be honest and straightforward." — Francis Greenburger AUGUST 2026 | MANN REPORT 45

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AUGUST 2026 | MANN REPORT 47

Why Real Estate Tech Strategy Is Becoming Less Reactive — and More Intentional By Carla Hinson, Vice President, Solution & Innovation, MRI Software

Proptech providers spend a great deal of time talking about where the real estate industry is headed. Roadmaps fill conference agendas, product announcements promise transformation and new technologies arrive at a steady pace. Yet one question is rarely asked often enough: how closely do those narratives align with the priorities of the people actually responsible for making technology work inside real estate organizations? To better understand that perspective, MRI Software recently interviewed senior technology and strategy leaders across commercial real estate. Participants included the CIOs of Urban Edge Properties and Hill Management Services, the chief strategy officer at Cherre, and the group vice president and global head of product at CBRE Property Management. Rather than surveying opinions at scale, the goal was to capture more candid, experience-driven insights from the leaders who sit at the center of day-to-day technology decisions. Several interviewees framed today’s challenges less around systems and more around information. “Previously, tech debt meant investing in infrastructure and enterprise application modernization,” said Tama Huang, chief strategy officer at Cherre. “Today, tech debt means data debt.” While each organization operates

48 MANN REPORT | AUGUST 2026

in a different context, several consistent themes emerged that highlight a gap between how technology is positioned and how it is actually experienced by those who use it. One of the most striking takeaways is that software itself is rarely the greatest obstacle. That honor belongs to data. Across conversations, leaders repeatedly returned to issues of data quality, integration, governance and accessibility. In many cases, technology investments stall not because tools lack functionality, but because the underlying data is fragmented or unreliable. Tech debt, in other words, is increasingly being reframed as data debt. Without a clear strategy for how data moves across systems and teams, new applications struggle to deliver meaningful value. The focus on data also explains another common view: resilience comes from integration, not accumulation. Real estate tech leaders expressed frustration with environments built around loosely connected point solutions. While individual tools may solve discrete problems, they often create additional complexity when stitched together. Leaders described greater confidence in platforms that reduce friction between systems and allow workflows, insights and controls to span departments. From Huang’s point of view, “Systems must speak to each other — IT cannot be the middleman anymore.”

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FEATURES | TECHNOLOGY Several leaders pointed out that fragmentation has real downstream consequences, from slower decision-making to increased operational risk. When data is split across multiple systems, teams spend more time reconciling information than acting on it. Reporting becomes reactive instead of timely, and confidence in insights erodes. In response, many organizations are prioritizing environments where systems are designed to work together by default rather than relying on custom integrations to bridge gaps after the fact. Platforms that enable shared data models, consistent governance and interoperable workflows allow technology teams to spend less time maintaining connections and more time supporting the business. For leaders under pressure to do more with leaner teams, reducing integration overhead has become as important as adding new functionality. In an industry facing ongoing cost pressure and operational risk, simplification has become a strategic advantage. The true drivers of innovation were another area where expectations diverged from common narratives. Several respondents emphasized that technology investment and adoption should not be viewed as primarily reactive to economic cycles or disruption. Instead, they described it as an ongoing discipline. Cecilia Li, CIO of real estate investment trust Urban Edge Properties, said that innovation efforts take place regardless of market conditions. “Our need for innovation and technology continues to advance not because of market shifts, but because we are continuously seeking ways to drive efficiency and reduce spend,” Li said. Market volatility can accelerate certain decisions, but organizations that tie technology strategy solely to downturns risk falling behind. Continuous investment in efficiency, automation and insight was described as a prerequisite for staying competitive, not as a discretionary response when conditions worsen. Several leaders noted that waiting for economic pressure before modernizing often creates more disruption than progress. Deferred investment tends to compound complexity, making eventual change more expensive and harder to manage. By contrast, incremental improvement allows organizations to adapt without overwhelming users or introducing unnecessary risk. This approach also shifts how success is defined. Rather than asking whether a technology is innovative in isolation, leaders increasingly focus on whether it improves consistency, scalability and decisionmaking across the organization over time. As organizations grapple with fragmented data environments, expectations for software are changing alongside them. “Data will continue to play a big role,” Li said. “Software solutions will be expected to provide built-in AI capabilities in order to stay competitive.” Artificial intelligence, unsurprisingly, featured prominently in the discussions, but not in the way many headlines suggest. While none of the leaders dismissed AI outright, there was clear skepticism toward inflated promises. When asked if they were tired of hearing

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tech providers talk about AI, a few respondents exclaimed, “Absolutely — make it stop!” The reaction was less about skepticism toward the technology itself and more about fatigue with exaggerated claims. Leaders emphasized that AI has a role to play, but only when it is applied thoughtfully and transparently. In their view, trust is built when AI capabilities are clearly bounded, well-governed and aligned to everyday workflows, instead of being positioned as a cure-all. AI, in their view, should be judged by outcomes rather than novelty. If it reduces manual work, improves decision quality or removes friction from daily tasks, it earns its place. If not, its sophistication is largely irrelevant. The message to providers was simple: explain what problem AI solves, how reliably it does so and how it fits into existing workflows. Joe Stokes, group vice president and global head of product at CBRE Property Management, said AI has shown promise when it delivers practical value. “AI has accelerated our decision-making and enabled a level of selfservice not previously available,” Stokes said. That same pragmatism extended to how success is measured more broadly. Rather than focusing on the technical complexity of a solution, leaders consistently pointed to adoption as the real benchmark. Technologies that employees struggle to use, avoid or work around ultimately fail regardless of their capabilities. Ease of adoption, intuitive design and alignment with real-world processes matter more than feature depth alone. In practice, this places a greater burden on providers to understand the day-to-day realities of their users, not just their strategic ambitions. Several leaders emphasized that reliability and usability matter more than sheer breadth of functionality. John Hall, CIO of Hill Management Services, said the proliferation of features often comes at the expense of consistency. “It’s more important that available features work properly than to have many features that sort of work,” Hall said. Taken together, these insights offer a useful course correction for both proptech companies and their clients. For providers, the findings reinforce the need to spend less time projecting visions of the future and more time validating assumptions with users. For owners and operators, they highlight the importance of approaching technology decisions through the lenses of data readiness, integration and organizational change, rather than chasing isolated innovations. Across interviews, one theme remained constant: effective technology strategy starts with listening. When providers understand how systems are used (or avoided) inside real estate organizations, expectations become clearer and outcomes improve. The distance between vision and execution narrows. Ultimately, the gap between provider narratives and user expectations is not a failure of ideas, but of alignment. When technology leaders listen more closely to those responsible for executing strategy on the ground, the result is not just better software, but more resilient real estate organizations.

AUGUST 2026 | MANN REPORT 49

FEATURES | TECHNOLOGY

Bringing Fire Protection Engineering Into the AI Era By Jason Tielve, CEO, FireDesign.ai

For an industry centered on saving lives, fire protection design has remained surprisingly unchanged. Modern construction sites are filled with advanced technology, automation and sophisticated digital workflows, yet fire protection engineering has continued to rely heavily on manual drafting, dated computer technology and a shrinking talent pool. While the construction industry accelerated into the digital age, fire safety design lagged behind, creating inefficiencies in a critical area of building and real estate development. The Evolution of Fire Safety The history of commercial fire safety is a collection of lessons learned from tragedy, shifting from reactive emergency response to being proactive with engineering focused on prevention. In the United States, the late 19th and early 20th centuries served as a catalyst for change, as devastating events exposed the lethal consequences of inadequate exits and a lack of prevention systems. In just one example, the 1903 Iroquois Theatre Fire in Chicago was the deadliest single-building fire in U.S. history, causing 602 deaths and 250 non-fatal injuries. A packed auditorium turned into a death trap because of locked exit doors, hidden fire escapes and a complete absence of functional automatic sprinklers. Out of these disasters, the development of the National Fire Protection Association (NFPA) emerged, along with the formation of the standardization of building codes. The mid20th century saw the transition from manual alarms to integrated electrical systems and the widespread adoption of automatic sprinklers, which remain the industry's gold standard. By the early 2000s, the field embraced 3D modeling and Computer-Aided Design (CAD), setting the stage for the current era where digital precision and automated

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oversight are becoming the primary defenders against fire-related loss. Market Size Has Unmet Needs The fire safety industry is a multi-billiondollar global sector that continues to expand alongside rapid urbanization, increased construction activity and the tightening of building safety regulations worldwide. According to Grand View Research, the U.S. fire protection systems market was valued at approximately USD25.94 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 3.6% from 2025 to 2030. In the United States, growth is being driven by a combination of factors, including increased commercial construction, the integration of smart building technologies and the rising complexity of regulatory compliance across jurisdictions. On a global scale, the sector is estimated to be worth roughly $70 billion to $80 billion, with projections suggesting it could surpass $100 billion by 2030 as developing economies adopt stricter safety codes and invest in modern infrastructure. This expansion highlights the growing complexity and responsibility placed on fire protection engineering as it adapts to increasingly dense, technologically advanced and highly regulated built environments. Fire Design in the Age of AI Prior to the emergence of AI-driven platforms like FireDesign.AI, the commercial fire safety industry was detailed by a large gap between the intricacy of modern architecture and the manual element of life-safety design. One of the biggest challenges is that there are not enough engineers to meet demand. This battle increases salaries and leaves firms unable to find qualified people, which ultimately created a bottleneck for new construction projects. Next, this engineering requires a complex coordination of

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FEATURES | TECHNOLOGY

necessities. This process can be extremely slow and expensive due to the labor involved in fixing even minor issues. Even minor revisions often trigger hours of redraws, hydraulic recalculations and coordination updates across multiple disciplines, creating avoidable cost and schedule pressure throughout construction. Modern AI-assisted platforms can ingest architectural PDFs, CAD files and BIM models directly, identifying building geometry, occupancy classifications, ceiling conditions, obstructions and preliminary sprinkler zoning requirements automatically. This reduces the amount of repetitive drafting and interpretation traditionally required during preconstruction and technical development. Using Small Language Models (SLMs) rather than Large Language Models (LLMs) is essential in fire safety engineering because even a minor lack of precision can become a life-safety failure. LLMs are trained on the entire internet. They operate on guessing the next most likely word. General-purpose LLMs are probabilistic language models optimized for broad reasoning and conversational fluency across massive public datasets. While effective for general knowledge tasks, they are not inherently designed for deterministic lifesafety validation or code-driven technical analysis. In a field like engineering, this can lead to a hallucination: the AI could potentially cite a non-existent fire code that looks correct but is mathematically impossible. In fire protection, a hallucinated calculation can be a major system that may fail during a fire. The SLMs prioritize consistency and verification. These smaller models do not take information from everywhere and guess; they are trained to only read from a close vault of factual safety standards. Engineering-focused SLM architectures can be constrained around tightly controlled datasets, rule-based validation layers, deterministic calculation logic and verified NFPA standards, reducing the likelihood of unverifiable or non-compliant outputs. AI as a Tool for Engineering Eﬃciency, Not Replacement Many fear that AI will take over jobs and strip away the human element of engineering. In practice, its most immediate impact is the

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reduction of repetitive, time-intensive tasks that slow projects down and add little to core engineering judgment. Industry research on early AI adoption shows that professionals can save significant time on routine work such as documentation, coordination, drafting support and basic analysis, often reclaiming close to an hour per day, with some structured workflows seeing substantially higher gains. By automating these lower-value tasks, engineers can shift their focus toward higherorder responsibilities, including reviewing outputs, validating compliance and refining system-level decisions rather than producing every component manually. The result is a measurable reduction in project bottlenecks, particularly in stages that are traditionally slowed by manual iteration and coordination between disciplines. Teams are also able to handle a greater volume of work without a proportional increase in staffing, improving throughput while maintaining consistency and quality across deliverables. Human oversight remains essential. Licensed professionals are responsible for validating calculations, reviewing constructability conditions, adapting layouts to field realities and approving final deliverables. AI accelerates production and coordination, but accountability for life-safety decisions remains with the engineer of record. Balancing Automation with Accountability As fire protection design meets AI, the role of the engineer becomes more critical, ensuring that every system is efficient, correct, compliant and safe. The future of the field will be defined by this balance: leveraging technology to remove friction, while keeping human expertise at the center of every lifesafety decision. The next evolution of fire protection will not be defined by replacing engineers, but by augmenting them with platforms capable of processing code requirements, hydraulic constraints and construction data at a scale impossible through manual production alone. As labor shortages continue and project complexity increases, firms adopting AI-assisted coordination and drafting technologies will be positioned to deliver faster turnaround times, more consistent documentation and improved collaboration across the construction lifecycle — while keeping licensed technical judgment at the center of every life-safety decision. AUGUST 2026 | MANN REPORT 51

Photo courtesy of Serhant

FEATURES | RESIDENTIAL

Inside New York’s Evolving Luxury Housing Market Insights from Top Producer Marzena Wawrzaszek By Merilee Kern

New York City’s luxury housing market continues to evolve as aﬄuent buyers place greater emphasis on design, wellness, flexibility and long-term value. Few professionals are as closely connected to those shifts as Marzena Wawrzaszek, a luxury real estate advisor with Serhant specializing in

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residential sales and new development throughout the city. Ranked among the top 1.5% real estate professionals in New York State, she has closed more than $100 million in career sales while helping buyers, sellers and developers navigate one of the world’s most competitive real estate markets.

Beyond traditional brokerage, Wawrzaszek advises developers on everything from floor plan optimization and finish selections to branding, pricing and market positioning. Her ability to combine real-time market intelligence with an understanding of how

buyers make decisions has contributed to the successful launch and sellout of multiple boutique residential developments. Through her hands-on approach, she helps sellers maximize value through strategic marketing and positioning while guiding buyers toward informed, long-term investment decisions. Fluent in English and Polish, Wawrzaszek serves a diverse local and international clientele. Known for her market expertise, negotiation skills and deep understanding of buyer behavior, design and market trends, Wawrzaszek has built a reputation for delivering exceptional results across both resale and new development properties. “My goal is to help clients make informed real estate decisions through market expertise, strategic guidance and a focus on long-term value,” she said. In the following conversation, Wawrzaszek

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FEATURES | RESIDENTIAL outlines some trends currently reshaping New York City’s luxury real estate market. MK: Many people focus on pricing and inventory when discussing luxury real estate. What do you think they are missing? MW: The biggest misconception is that luxury real estate is primarily driven by supply and demand. At the highest levels, purchasing decisions are often driven by confidence, lifestyle alignment and perceived scarcity rather than necessity. Wealthy buyers are not simply evaluating square footage and comparable sales. They are evaluating whether a property fits a specific vision of how they want to live. The emotional component is much stronger than many people realize. A property that creates an immediate emotional connection can outperform what appears to be the logical market value. What is the most significant shift you’ve seen in luxury buyer psychology over the past few years? Buyers have become far more intentional. Five years ago, many luxury purchases were aspirational. Today they are increasingly strategic. Buyers are asking tougher questions about functionality, longevity, operating costs, flexibility and future resale value. They want a home that enhances their daily lives while also protecting capital. The most sophisticated buyers now evaluate real estate in much the same way they evaluate a business investment. How has the definition of luxury changed? Luxury used to be associated primarily with finishes, prestige and exclusivity. Today, luxury is increasingly defined by ease. A welldesigned home that functions effortlessly often commands greater demand than a larger property with more expensive materials but poor usability. Thoughtful layouts, intelligent storage, privacy, natural light, wellness features and seamless technology integration have become just as important as marble countertops or imported finishes. You have extensive new development experience. What separates successful projects from those that struggle? The projects that succeed typically begin with a deep understanding of buyer behavior rather than a focus on construction alone. Developers sometimes assume that luxury buyers simply want larger units and higherend finishes. In reality, buyers are responding to an entire product ecosystem. Layout

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efficiency, amenity programming, branding, lifestyle positioning and even how a building is introduced to the market all influence demand. The strongest developments understand exactly who they are building for before construction begins. What role does architecture play in today’s luxury marketplace? Architecture has become a powerful differentiator. As luxury inventory expands, buyers are increasingly drawn toward properties with distinctive identities. Generic luxury is becoming less compelling. Whether it is a historic townhouse, a boutique condominium or a contemporary residence with exceptional design, buyers want something memorable. Architecture creates emotional resonance and often contributes to long-term value retention because truly distinctive properties remain difficult to replicate. How are affluent buyers evaluating neighborhoods differently today? Buyers are looking beyond traditional prestige. The conversation has shifted from status to lifestyle. They are evaluating how a neighborhood supports their daily routines, social circles, wellness priorities and long-term goals. Walkability, dining, cultural offerings, green space and overall quality of life often carry as much weight as a neighborhood’s historical reputation. Buyers are increasingly selecting communities that reflect who they are rather than where they think they should live. How is global uncertainty affecting New York luxury real estate? New York continues to benefit from its position as a global gateway city. During periods of uncertainty, many investors and international buyers seek markets that offer stability, liquidity and long-term relevance. Luxury real estate in New York is often viewed through that lens. While economic cycles inevitably influence activity levels, the city’s global significance continues to attract capital from around the world. What are developers overlooking that buyers notice immediately? Buyers notice inefficiency almost instantly. They notice awkward layouts, poorly planned storage, oversized amenities that lack practical value and design decisions that prioritize appearance over functionality. Buyers today are incredibly informed. Many have traveled

extensively, stayed in luxury hotels around the world and experienced exceptional design firsthand. Their expectations are higher than ever, and they recognize thoughtful execution immediately. Where do you see the greatest opportunity in the luxury market right now? I believe the greatest opportunity lies in creating highly differentiated products. As more luxury inventory enters the market, uniqueness becomes increasingly valuable. The projects and properties that stand out are those with a clearly defined identity. Whether through architecture, design, location, lifestyle positioning or a compelling story, differentiation has become one of the most powerful drivers of demand. Moving forward, what will define the next generation of luxury real estate? The future of luxury will be shaped by intentionality. Buyers are becoming more selective about where they invest their time, money and attention. They want homes that are beautiful, but they also want homes that function exceptionally well and support their broader lifestyles. The properties that succeed will combine design excellence, wellness, flexibility, sustainability and authentic character. Luxury is becoming less about excess and more about quality, purpose and experience. A Look Ahead As New York City’s luxury housing market evolves, Wawrzaszek remains focused on helping clients navigate changing market conditions with confidence and clarity. For Wawrzaszek, success ultimately comes down to helping clients make informed decisions and achieve meaningful results. “Real estate is never just about a transaction,” she continued. “It’s about understanding a client’s vision, identifying opportunities and creating the right strategy to help them achieve their goals.” Merilee Kern is an internationally regarded brand strategist and analyst who reports on cultural shifts and trends as well as noteworthy industry change makers, movers, shakers and innovators across all categories, both B2C and B2B. This includes field experts and thought leaders, brands, products, services, destinations and events. As Founder, Executive Editor and Producer of “The Luxe List,” Kern is a prolific business, lifestyle, travel, dining and leisure industry voice of authority and tastemaker.

AUGUST 2026 | MANN REPORT 53

By Debra Hazel

A NEW SQUARE IN SARASOTA

FEATURES | COMMERCIAL

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nce a mall, soon to be a neighborhood — a second phase has now been unveiled of Sarasota Square, the redevelopment of a 1970s enclosed retail center into a town center blending retail, dining, residential and outdoor space in a walkable, pedestrian-driven environment. Construction is progressing rapidly on the first phase of the Torburn Partners/Jamestown project, which is already 88% pre-leased, including commitments from Whole Foods, Warby Parker, Cava and HomeSense. Phase 2 will add another 160,000 square feet of retail, dining and outdoor gathering space. “With Phase 1 nearly fully leased and construction well underway, the vision is no longer abstract — it’'s becoming real,” said Michael Burns, CEO of Torburn Partners. “Phase 2 will take that ambition further, creating the kind of walkable, experience-driven environment that Sarasota has been waiting for and that today’s consumer actively seeks out.”

The new Sarasota Square also is yet another example of converting aging malls into mixeduse lifestyle destinations. The original mall was opened in 1977 by Arlen Realty and Development Corp., a predecessor of CBL & Associates, and was anchored by Maas Brothers, JCPenney and a small AMC multiplex. The center was acquired by Westfield Group in 2003 and refurbished, but with the loss of several anchors in the 2010s, the center struggled. It was acquired by Torburn Partners in 2021. In total, the redevelopment will span nearly 100 acres and 530,000 square feet of retail, dining, wellness and experiential concepts, in addition to office space and 1,200 residential units. Torburn Partners received approval for the redevelopment plan from the Sarasota County Commission in April 2024, paving the way for the retail and dining destination. On track for a Q1 2027 delivery, Phase 1 of the project is well underway and will introduce

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Photos courtesy of Sarasota Square

FEATURES | COMMERCIAL The transformation of Sarasota Square reflects a broader reimagination of the site that aligns with the region’s distinct character, balancing Mediterranean influence with Sarasota’s legacy of modernist, climate-responsive design. Beyond the development and leasing updates, Jamestown has created a new brand identity to reflect the project’s evolution into a timeless coastal destination rooted in authenticity, craftsmanship and a strong sense of place. The redevelopment will include lush landscaping, shaded pedestrian corridors and thoughtfully designed gathering places that encourage connection and repeat visitation. Advancing the mixed-use vision, Torburn Partners has completed the sale of a 4.5-acre land parcel designated for a future multifamily community to Woodfield Development. The project, which includes a 360-unit rental property with garage parking, was expected to break ground this summer. Sarasota Square is situated along U.S. 41 in South Sarasota and and is centrally located to upscale neighborhoods Palmer Ranch, Gulf Gate and Osprey. The area offers a high standard of living, supported by access to pristine Gulf beaches like Siesta Key and cultural amenities found within greater Sarasota, such as the Sarasota Opera and Art Center Sarasota.

approximately 90,000 square feet of dailyneeds offerings, also including Charles Schwab, Joe & the Juice and Chipotle Mexican Grill. . Envisioned as approximately 160,000 square feet of elevated, street-oriented shopping and dining space, Phase 2 is designed around a central lawn built for hosting events, outdoor dining, and everyday gathering. The merchandising strategy is focused on premier fashion brands, chef-driven restaurants, and boutique fitness operators that resonate with the Sarasota customer. Phase 2 is expected to open by the end of 2028. “Sarasota Square represents a rare opportunity to curate a nextgeneration retail and dining environment in one of Floridas most compelling coastal markets,” said Adam Schwegman, Jamestown head of retail leasing. “With Phase 2, we’re targeting operators that deliver a sense of discovery and a unique point of view. The early response from prospective tenants has been incredibly strong, reinforcing our belief that this will become a true community destination centered around experience, connection and everyday use.”

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In recent years, South Sarasota has become a focal point for growth, attracting local residents and businesses alike. Nearly 50,000 people live within a one-mile radius of Sarasota Square, underscoring the property’s significant position in the market and chance to influence its future, the developers said. And population could continue to grow, according to the Realtor Association of Sarasota and Manatee (RASM)’s May market report. The report said that the area has shown continued buyer demand, declining inventory and increasingly distinct pricing trends across Sarasota and Manatee counties. “We continue to see strong buyer demand alongside lower inventory, but what makes this market unique is that buyers are not rushing into decisions,” said David Crawford, 2026 RASM president and broker/owner of Catalist Realty. “They are taking the time to evaluate each property, understand its value and complete their homework before moving forward. Buyers remain active, but they are also disciplined and strategic.” Collaborating on the redevelopment alongside Torburn Partners and Jamestown is Retail Strategy and Brand Partnerships Advisor Holly Cohen, OKW Architects, Stantec and EcoPlan.

AUGUST 2026 | MANN REPORT 55

here are people who spend their entire careers looking for shortcuts. Baseball teaches you that there aren’t any. That may be one of the reasons that so many of the lessons I learned on a baseball field as a kid turned out to be the same lessons that guided me through more than four decades in investment sales brokerage.

Brokerage is exactly the same. People see the closing announcement, the headline transaction and the commission. What they do not see are the hundreds of meetings, thousands of phone calls, years of relationship building and countless hours of preparation that made that transaction possible. The public sees the home run. The professional remembers the batting practice.

At first glance, the two professions have nothing in common. One revolves around bats, gloves and scoreboards, the other around buildings, buyers and capital markets. But beneath the surface, they are remarkably similar because both are ultimately games of probability, discipline, preparation and time.

Growing up in Maywood, New Jersey, I became fascinated with baseball statistics long before I understood why. At eight years old, I was keeping detailed records of my pitching performances — wins, losses, strikeouts, walks, innings pitched and earned run average. Every game became data. Every performance became measurable. Every weakness became identifiable.

Most people misunderstand baseball because they focus on the highlights. They remember the walk-off home run, the no-hitter and the dramatic moments that make SportsCenter. But baseball is not really about those moments. Baseball is about showing up every day for 162 games and trusting that the process will eventually produce the results.

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What I did not realize at the time was that I was not really learning about baseball. I was learning about performance. And performance, whether in sports or business, almost always follows the same rules. One of the first lessons baseball teaches is that success and mannpublications.com

FEATURES | COMMERCIAL failure are often separated by surprisingly small margins. A batter who hits .300 is considered elite, yet that means he fails seven out of every 10 times he comes to the plate. Think about how remarkable that is. In few professions can someone fail 70% of the time and still become a Hall of Famer. Brokerage works much the same way. Most property owners do not hire you. Most prospects do not become clients. Most meetings do not result in assignments. Most buyers do not end up purchasing the property. Most negotiations do not proceed exactly as planned. Yet over time, the professionals who understand their numbers and trust their process accumulate extraordinary results. The amateur obsesses over individual outcomes. The professional focuses on averages. Great hitters do not walk to the plate thinking about their batting average. Great brokers do not walk into a meeting thinking about their commission. Both focus on executing the next pitch, the next at-bat, the next meeting and the next opportunity. They understand that if the process is sound, the statistics will eventually take care of themselves. That fascination with numbers has always been one of the strongest parallels between baseball and brokerage. Long before analytics became fashionable, baseball people understood the power of information. Brokerage at its highest level is no different. The best brokers are not really in the real estate business. They are in the information and relationship business. They know more owners, more buyers, more transactions, more motivations and more market intelligence than their competitors. They understand that information creates insight, insight creates strategy and strategy creates results. Just as a baseball manager gains an advantage from understanding probabilities, tendencies and match-ups, a broker gains an advantage from understanding markets, owners, capital flows and buyer behavior. Information is not a luxury. It is the competitive advantage. The more complete your information, the more informed your decisions become and the greater your likelihood of success over time. Whether in baseball or brokerage, knowledge compounds. Another similarity between baseball and brokerage is that both reward consistency far more than brilliance. Fans remember the game-winning home run. They rarely remember the player who quietly gets one hit every night for six months. Yet over the course of a season, the consistent player is often more valuable. Brokerage careers follow the same pattern. People remember the record-setting transaction. They rarely remember the hundreds of smaller actions that made it possible: the prospecting, the follow-up, the research, the updating of mailing lists, the relationship-building, the market analysis and the preparation. None of these activities are particularly exciting. They are brokerage’s version of taking ground balls

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before practice even starts or spending hours in the batting cage in the off-season to keep your swing in a groove. The disciplines that may seem mundane are usually the disciplines that separate the true professionals from everyone else. In both baseball and brokerage, consistency compounds. The person who executes at a high level every day almost always outperforms the person who relies on occasional flashes of brilliance. Baseball also teaches the value of specialization. Every successful team is filled with players who understand their role. Starting pitchers are not closers. Catchers are not center fielders. Excellence comes from mastering a specific craft. The same principle applies in brokerage. The most successful brokers are often the most focused brokers. They develop expertise within a specific geography, product type or niche. Over time, that expertise compounds and becomes increasingly difficult for competitors to replicate. In an age where many people are trying to be everything to everyone, specialization remains one of the most powerful competitive advantages available. Depth frequently beats breadth. The professional who knows everything about one market is usually more valuable than the professional who knows a little about many. Perhaps the greatest similarity, however, is patience. A baseball season is long. A brokerage career is even longer. There will be slumps. There will be losing streaks. There will be years when markets freeze, transaction volume collapses and opportunities become scarce. The professionals who survive those periods are the ones who understand that temporary outcomes do not define long-term success. Baseball teaches patience because the game refuses to reward impatience. Brokerage does the same. Both require participants to trust a process that often takes years to fully reveal its benefits. The most successful people in both professions understand that meaningful achievement is rarely the product of one great day, one great year or one great deal. It is the product of thousands of disciplined actions repeated over long periods of time. And perhaps that is why the two worlds feel so familiar to those who have spent enough time in them. Both reward preparation over talent alone. Both reward discipline over emotion. Both reward consistency over occasional brilliance. Both require resilience in the face of constant failure. And both remind us that meaningful success is rarely created in dramatic moments. It is built quietly — one pitch at a time, one at-bat at a time, one game at a time and one season at a time. Or, in brokerage terms, one call, one meeting, one relationship, one assignment and ultimately, one building at a time. That is the long game. Baseball teaches it. Brokerage rewards it. And the people who understand it tend to win far more often than the scoreboard initially suggests.

AUGUST 2026 | MANN REPORT 57

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ABRAMS GARFINKEL MARGOLIS BERGSON, LLP

DYNAMIC LEGAL REPRESENTATION FOR YOU AND YOUR BUSINESS Abrams Garfinkel Margolis Bergson, LLP is a full-service law firm dedicated to smart, practical and cost-effective counsel.

Please contact Neil B. Garfinkel, Managing Partner, to see how AGMB can assist you.

NEIL B. GARFINKEL, ESQ. Broker Counsel to REBNY Abrams Garfinkel Margolis Bergson, LLP (212) 201-1173 Efax: (646) 778-3710 ngarfinkel@agmblaw.com www.agmblaw.com

Offices: New York City Office: 1430 Broadway, 17th Floor, New York, New York 10018 Long Island Office: 225 Broadhollow Road, Suite 102, Melville, New York 11747 Los Angeles Office: 5900 Wilshire Boulevard, Suite 2250, Los Angeles, California 90036 mannpublications.com

AUGUST 2026 | MANN REPORT 59

COLUMNS

Condo-Co-op Helpline: Co-Op Transparency Law Traditionally, boards of directors in residential cooperative buildings had broad, largely unchecked discretion to reject prospective tenants and shareholders. That discretion has narrowed. Using race, ethnicity or religion to reject prospective tenants and shareholders has been unlawful for many years. More recently, the presence of a service animal is no longer a valid basis for rejecting an applicant. The same is true for certain criminal records. Individuals listed on the New York State sex offender registry may be identified, and depending on the circumstances, there may be a basis for further review.

Carol A. Sigmond Partner Nossaman LLP

12 East 49th Street 22nd Floor New York, NY 10017

This year, the City Council has created, by Local Law 58 of 2026, strict timelines for review of purchase applications. Boards have 15 days from receipt of a purchase application to notify the buyer of missing information. If the deadline is missed, the application is deemed complete. Once the application is complete, boards have 45 days and a single 14-day extension to approve or disapprove the application. If a board wants more time, the board must obtain the buyer’s consent. If a board fails to formally respond to a complete application within the 45 days and any extension, the managing agent and volunteer board members may be liable for fines of $1,000 for the first offense, $1,500 for the second violation and $2,000 for the third and all subsequent violations. (The fine structure only applies to buildings with 10 or more residential units.) If a board explicitly discloses a summer recess in board meetings, in the by-laws or house rules, the timeline is automatically paused for the summer recess. The procedure for the buyer or the seller is to file a complaint with the New York City Department of Housing Preservation. The violations are then adjudicated by the New York City Office of Trials and Hearings (OATH). OATH is a trial and hearing agency housed in the executive, not judicial branch of New York City government. It hears all adjudicatory disputes arising out of New York City administrative actions. OATH has three divisions. The Trials unit hears high-level disputes including vehicle seizures, license revocations, contract disputes, employee disputes and human rights claims. The Hearing unit hears cases based on city agency summons, such as building code violations, sanitation violations and other municipal agency violations. The Special Education division hears cases

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involving services and place for children involved in Department of Education special education programs. The fines for violations of Local Law 58 of 2026 will be heard by the Hearings Division. The fines will be issued by HPD, assessed against the building, the managing agent and/or individual board members who will receive notice by mail. There will be dates for payment of the fines or to appeal. If the fine is appealed to the Hearings Division, there will be a trial. Trials are informal, but do have a requirement that the City prove the violation by a preponderance of the evidence or that it is more likely than not that the violation occurred. Generally, the City prevails on about 55% of the cases that go to hearing. The City has a higher rate of success on cases arising out of HPD violations. If the fine is upheld at the Hearings Division, the respondent has a right to appeal. Appeals are heard only on written submissions. Only about 10% to15% of appeals are successful. If the fine is upheld, the only appeal is an Article 78 to the Courts. Article 78 is not a new hearing; the Court examines whether the process of sustaining the fine was fair and lawful. There is a low likelihood of success on an Article 78 arising out of a municipal agency fine. Accordingly, it is crucial for boards and managing agents to avoid these fines and respond to prospective buyers in a timely manner. If a board is found to have delayed a response beyond the 45 days together with any extensions, the board will have three additional problems. It may be liable for damages if a mortgage rate lock expires as a result. Second, the usual defense of the business judgment rule is weakened by a finding that the board violated the law in delaying a response. Finally, it may expose the board and managing agent to housing discrimination complaints. The sustaining of the fine at the Hearings Division may estop any further challenge to liability. For a best practices solution, boards and managing agents should be asking their counsel for assistance in dealing with Local Law 58 of 2026. All proposed purchase agreements should be calendared and the managing agent and all board members informed of the deadlines. Managing agents should be responsible for ensuring a timely response to a prospective buyer. This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for specific legal advice.

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AUGUST 2026 | MANN REPORT 61

COLUMNS

The Dog Days of Summer: A Backyard Survival Guide During these dog days of summer, the sun seems determined to test the mettle of every living thing in our yards. For many homeowners, the natural instinct is to fight back with the garden hose on full blast. However, true backyarding success in a hot, dry summer isn’t about forcing your yard to look like it did in the spring, it’s about growing resilience.

Kris Kiser

We can keep yards, parks and other green spaces alive with less water than we expect. Plants go dormant during drier times, and, if appropriate for the climate zone, most are pretty hardy. Now is the time to shift your focus to creating a “water-wise” sanctuary that survives the peak heat while remaining a functional extension of your home.

1605 King St. Alexandria, VA 22314 turfmutt.com opei.org (703)549-7600

Mow at the Just-Right Height One of the simplest yet most effective ways to build a resilient lawn is through proper mowing heights. When heat waves hit, many people make the mistake of mowing too short, thinking this will mean your lawn will require less water. However, the opposite is true. Keeping your grass taller – typically between three to four inches depending on the species – provides a natural canopy for the soil. This shade keeps the root system cool and significantly reduces the rate of evaporation.

Outdoor Power Equipment Institute TurfMutt Foundation Equip Expo

Think of it as a natural insulation layer. Taller grass blades develop deeper, stronger roots that can reach further down into the soil to find moisture during dry spells. Furthermore, when you do mow, never remove more than a third of the grass blade at a time, and leave the clippings on the lawn. This practice of “grasscycling” returns nitrogen and moisture to the soil, further enhancing its water-wise profile. The Art of the Deep Soak Resilience is also built through how we water. Frequent, shallow watering is a recipe for disaster because it encourages roots to stay near the surface, where they are easily scorched by the sun. To create a drought-tolerant landscape, we must train our plant roots to go deep. This means watering less often, but more thoroughly. Aim for about an inch of water per week, delivered in early morning sessions. Watering

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earlier in the day ensures that the moisture reaches the roots before the midday sun can evaporate it. You can install smart irrigation and controllers to help prevent overwatering. Additionally, a water-wise yard utilizes “layered” landscaping. By planting canopy trees, smaller shrubs and turfgrass together, you create a canopied cooling effect. Trees shade your outdoor living room from the sun and transpire moisture, which can actually lower the ambient temperature of your backyard by several degrees. Your green space not only acts as a natural air conditioner for your yard but also helps cool your indoor areas, as well. Brown is OK If your lawn starts to turn a tan or straw color, don’t panic. Most cool-season grasses enter a state of dormancy to protect themselves from heat stress. A brown yard isn’t dead, it’s simply “napping” until the cooler temperatures and rains of fall return. Beyond the turf, consider the other thirsty areas of your landscape. Adding a two- to three-inch layer of mulch to your flower beds and around trees is a good practice during a heatwave. The mulch acts as a protective blanket, suppressing weeds that compete for water and keeping the soil underneath moist and cool. Right Plant, Right Place Ultimately, a resilient yard is one that is right for its environment. Choosing the right plant species for your microclimate and planting it in the appropriate place in your yard is paramount. Dry, hot days are part of nature’s cycle. But green space cools the air, captures and filters rain when it comes, captures dust and particulate matter, produces oxygen and sequesters carbon. Consider these steps an investment in the landscape, which is critical to the wellbeing of people, pets and the planet. To learn more about the many benefits of green space — even during the dog days of summer — go to turfmutt.com.

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AUGUST 2026 | MANN REPORT 63

COLUMNS

Don’t Hold the Phone A few months ago, I wrote about technology companies such as Meta and Google launching experiential retail stores around the U.S. Largely, I noted, they were opening just a handful of flagships or in-store boutiques, with Apple a singular exception. Now, there’s another tech company that’s expanding, with a strategy that ties into a different retail trend: the pursuit of value.

Debra Hazel

Debra Hazel Communications North Las Vegas, NV (201)618-5247

Even as many tech companies prefer online sales, Consumer Cellular recently opened its 100th company-owned retail store in Salem, Oregon, marking what it called “a major milestone in the company’s national expansion strategy and reinforcing its belief that in-person service remains a competitive advantage.” The company, which operates in 33 states, now plans to have 120 locations by year-end. Why is this company making a commitment to brick-and-mortar? To be closer to its target customer — older adults who want guidance and the human touch, and appreciate value.

The result: Consumer Cellular’s retail channel has become one of the company’s fastest-growing and highest-performing customer acquisition engines. The company also reports a nearly 20% increase in average per-store productivity year-over-year “Retail isn’t a legacy channel for us, it’s a growth channel,” said Ed Evans, CEO of Consumer Cellular. “The performance of our stores continues to reinforce what we’ve believed all along: when you combine affordable wireless service with real human support, customers respond. While others are investing primarily in AI and automation, we’re also doubling down on what we call RI (Real Intelligence), the power of real people, real expertise and real community connections.” It’s also good for the customers, most of whom are baby boomers. Don’t forget, the first boomers turned 80 this year, while the youngest are turning 62. This is a generation that grew up along with malls and shopping centers, and like going to physical stores.

“For years, conventional wisdom suggested wireless would become an almost entirely digital business,” said Elizabeth Hunter, COO of Consumer Cellular. “Our results tell a different story. Customers still value human expertise, particularly when they’re making technology decisions. The strongest-performing channel in our business today combines the convenience of digital with the confidence that comes from inperson service.”

It’s also good for them, offering low-impact physical activity, social interaction and even cognitive benefits, as shopping stimulates decisionmaking, noted an article in comfortkeepers.com.

The company was founded in Oregon in 1995, with the goal of providing service at low prices, especially to those over 50. It’s partnered with other companies and, most critically, with AARP, becoming a preferred provider in 2008.

“While many consumers remain able to absorb higher costs and maintain their spending levels, higher prices and new expenses are putting increased pressure on household budgets, prompting some consumers to adjust what they buy,” ICSC reported. “Among those who say their monthly spending has decreased, 46% are reducing nonessential purchases, while 39% cite concerns about the economy or inflation.”

Consumer Cellular’s average retail customer is 67 years old, about three years older than customers acquired through its other channels. They want to hold the phone, talk to an expert, compare plans and pay less — some plans can start for as little as $20 a month. The company recently announced a SpeakEasy Mobile sub-brand that includes two phones (flip and smart models) with more basic features and plans that they are pitching to consumers 75 or older. The result has continued to drive both customer acquisition and long-term loyalty. Consumer Cellular’s retail stores accounted for 14.4% of all new customer accounts acquired year-to-date, up from 6.3% during the same period last year, the company reported. Retailgenerated customer acquisitions grew 83% year-over-year in the fi rst quarter of 2026, while customers acquired through company-owned stores remain with Consumer Cellular at 10%

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higher rates than customers from other channels.

Cellular Consumers’ expansion also dovetails with all consumers’ desire for value. A report earlier this year from ICSC said 86% of survey respondents said “getting a good deal” was important in purchase decisions.

That may be particularly true of seniors. A December 2025 AARP survey reported that more than four in 10 adults 50 and older said groceries now cost more than they can afford, with 78% saying they are concerned about grocery prices. So, it shouldn’t be surprising that value-oriented retailers have dominated new store openings. According to Coresight Research, Dollar General plans to open 483 new stores this year, followed by Aldi at 168. Target continues to grow, with 43 new units in 2026. The Consumer Confidence Index continues to be erratic, dipping to 93.1 in May from an upwardly revised 93.8 in April. So, let’s congratulate Consumer Cellular and hope other retailers follow its lead — expanding to offer strapped consumers just a bit of a break.

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LANGSAM PROPERTY LANGSAM PROPERTY SERVICES CORP., AMO SERVICES CORP., AMO

Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings areislocated in the Bronx, Manhattan, Queens, Langsam Property Services Corp. a Bronx-based real estate management Brooklyn, and buildings lower Westchester company. These are locatedCounty. in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County. Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence management conferred by the Institute of aReal Langsam is designated as an in Accredited Management Organization (AMO), EstateofManagement standard excellence (IREM). in management conferred by the Institute of Real Estate Management (IREM). 1601 Bronxdale Avenue New Avenue York 10462 1601Bronx, Bronxdale Tel: 718. 518. 8000 Bronx, New York 10462 Fax: 718.518. Tel: 718. 518. 80008585 Fax: 718.518. 8585

Mark Engel, CEO Mark Engel, CEO

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Matt Engel, Matt President Engel, President

www.langsampropertyservices.com AUGUST 2026 | MANN REPORT 65

COLUMNS

Liability Is Quietly Becoming Multifamily’s Biggest Insurance Problem Across the residential sector, particularly in multifamily, insurance dynamics are shifting. Owners have spent years focused on property risk. But that’s no longer where the real pressure is coming from.

Jeremy Perlman Vice President, Senior Risk Advisor CBIZ

200 Princeton South Corporate Center Ewing, NJ 08628 jeremy.perlman@CBIZ.com

Even as property rates begin to stabilize and even decline in many markets, overall insurance costs aren’t easing the way many expected. Liability is now one of the most volatile and least understood drivers of cost, coverage and insurability. If you still treat liability like a standard line item, you’re underwriting your own surprise. The Claim Didn’t Change. The System Did. For years, property exposures such as catastrophic events, rising replacement costs and valuation swings dominated insurance strategy. Liability coverage, by comparison, remained stable and predictable. Now, routine incidents often move quickly into litigation. The issue isn’t just the number of claims. It’s how they evolve. Incidents that once resolved quickly are now moving into litigation faster and settling at higher costs. Look around. Personal injury advertising is everywhere, and it works. When someone slips, trips, or falls, the first call often isn’t to the property management office. It’s to an attorney. A slip on a stairwell. A trip on a sidewalk. A fall in the bathroom. Same incident. Higher stakes. Why Liability Keeps Getting More Expensive Several forces are reshaping liability, and most sit outside an owner’s control. In many markets, juries have become more plaintifffriendly. The settlement values are continuing to rise, and the threat of a nuclear verdict sits behind nearly every claim. At the same time, litigation itself is evolving. In many cases, lawsuits are no longer just legal actions. They’re an investment strategy. Third-party litigation funding firms now back personal injury and class-action claims, providing capital to pursue larger and more aggressive cases. These firms aren’t participating out of principle. They’re seeking returns. That shift changes incentives. It influences how long a case runs, how aggressively parties pursue it and how high the final number climbs. Cases that might have settled quickly a decade ago can now stretch, escalate and land at a higher number. Insurers price uncertainty. As uncertainty rises, premiums follow. Carriers also tighten terms and reduce capacity, especially for portfolios that can’t clearly demonstrate how they prevent claims and manage them

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when they occur. The New Question Isn’t “What Happened?” It’s “Can You Prove Your Process?” In this market, liability risk rarely comes down to the incident alone. It’s about defensibility. When a claim hits, the spotlight swings to operations: what was done before the incident, what happened after and what can be documented. • Were maintenance issues tracked? • Were inspections consistent? • Were hazards addressed quickly? • Were protocols followed and proven? Inconsistent processes don’t just create risk; they build leverage for the other side. Owners can’t control the legal environment, but they can control the story they present to a carrier, investor or jury. Carriers now spend as much time underwriting how a property operates as they underwrite the property itself. Strong operations reduce incidents. They also materially improve outcomes when incidents occur. What This Means for Cost, Coverage and Investor Confidence The impact is showing up across residential portfolios. Liability pricing continues to rise even as property rates stabilize. Carriers are pushing for higher deductibles and tighter terms. In some cases, coverage is more limited or difficult to secure. Underwriting has changed as well. Carriers are no longer evaluating risk based solely on the asset; they’re evaluating the operator. That shift is influencing acquisition underwriting, refinancing conversations and disposition strategy. Insurance is no longer a back-office decision. It’s part of the deal. When insurance costs become less predictable, investors take notice. When coverage becomes harder to place, lenders do too. A Needed Shift in Focus The industry has become highly sophisticated in how it manages property risk, but it hasn’t fully caught up on liability. That needs to change. Liability isn’t just an insurance product. It’s embedded in day-to-day operations, from inspections and maintenance to lighting, walkways, vendor oversight and incident response. Owners who approach it strategically will be in a stronger position to control outcomes. Start by: • Standardizing processes. • Strengthening documentation. • Addressing small issues before they escalate. • Engaging early, not just at renewal. The question isn’t whether an incident will happen, it’s whether you can defend it and how much that outcome will ultimately cost.

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ATTORNEY ADVERTISING

AUGUST 2026 | MANN REPORT 67

COLUMNS

City of Yes Removed the Parking Mandate. It Didn’t Remove the Parking Problem. New York City’s City of Yes for Housing Opportunity passed in December 2024 with a headline that traveled fast: parking mandates were eliminated across the most heavily populated mandate-free zone in the country. Most of Manhattan below 96th Street, Long Island City and parts of western Queens and Brooklyn no longer require developers to provide parking as a condition of approval.

Christopher Tiessen

President/CEO Klaus Multiparking America 9 Schalks Crossing Road, Suite 724 Plainsboro, NJ 08536 (646)244-4491

The development community absorbed the news quickly. Many read it as a resolution. It isn’t, at least not entirely. Removing the minimum changed what zoning requires. It didn’t remove parking from the building program. For a significant portion of the New York pipeline, market demand, lender expectations and tenant requirements keep parking in the plan regardless of what the zoning code says. The question of how to provide it efficiently on constrained urban sites was always there. Removing the minimum merely stripped away the compliance framing that used to drive the answer. What Actually Changed City of Yes delivered its cleanest benefit to developers who were already building where the market had stopped asking for parking. Those projects can now skip it entirely and recapture that footprint. For that segment of the pipeline, it’s a meaningful line item removed from the program. But the change is less clean outside those corridors. In outer-borough infill, luxury multifamily and mixed-use developments with ground-floor commercial units, residents, lenders and commercial tenants still expect parking because the product demands it. What City of Yes has done in these segments is surface a more deliberate conversation. Developers who previously included parking as a compliance exercise are now being asked to justify it on market terms. That’s a healthier dynamic, but it doesn’t make the parking requirement disappear. It moves the argument from the zoning table to the pro forma. The Economics of Urban Parking For developers who still must provide parking, the relevant question on a tight New York infill site is almost never a structured garage versus nothing. It’s whether a conventional structure is the right tool for the site. On many constrained lots, the answer is no. Conventional below-grade and above-grade parking structures carry high per-space construction costs, consume substantial floor-plate area and introduce structural complexity that can compromise the residential program above. On narrow lots where ramp geometry doesn’t work, or mixed-use podium buildings where retail occupancy is the ground-floor

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priority, a conventional structure often doesn’t fit financially or physically. On sites where footprint is the binding constraint, mechanical parking systems can be configured to deliver required capacity within a tighter envelope than a conventional ramp structure, with less excavation than below-grade construction and no floor-plate area lost to drive aisles. The case for evaluating them comes down to site geometry and per-stall cost, both of which the mandate removal has made more consequential for outer-borough and mixed-use projects that still must provide parking. That pattern has already played out in other postmandate markets. Developers in San Francisco, Seattle and Minneapolis have been navigating these decisions for years. Those markets show that aggregate parking provision dropped in high-transit zones as expected but remained relatively stable in outer-ring submarkets where residents and lenders continued to require it. The mechanism that changed wasn’t demand. It was how developers were building the parking they still needed to provide. What the Post-Mandate Pipeline Will Actually Look Like Over the next several years, New York’s development pipeline will likely reflect the same bifurcation. Transitadjacent projects in the mandate-free zone will shed parking where the market doesn’t require it. Luxury and mixed-use developments will continue to provide it, and the developers moving most efficiently will be the ones who’ve already worked through the how. The developers recalibrating fastest are those with active pipelines in covered zones who can immediately apply freed-up square footage toward leasable area or cost reduction. On a pro forma where every square foot is load-bearing, that’s a significant recovery. The more complex adjustment is happening in those luxury, mixed-use and outer-borough locations where parking remains a product requirement, but land constraints make conventional structures increasingly difficult to justify. The window to work through that is at design development, before the structural engineer has committed to a floor plate. City of Yes changed the compliance calculus for New York development. It didn’t change the underlying work of building housing on constrained urban sites where every square foot of the program must justify itself. For the portion of the pipeline where parking still belongs in that program, the question is now purely one of efficiency. Developers who treat it that way will be better positioned than those still waiting for zoning to tell them what to do.

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Complexity Simplified. Opportunity Realized. We turn what’s next into what’s possible, giving your business the clarity and confidence to grow. CBIZ. Insights that Impact. Accounting | Tax | Advisory | Benefits | Insurance | Technology Discover more at cbiz.com CBIZ is a consulting, tax and financial services provider that works closely with CBIZ CPAs P.C., an independent CPA firm that provides audit, review and other attest services. © Copyright 2026. CBIZ, Inc. NYSE Listed: CBZ. All rights reserved

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AUGUST 2026 | MANN REPORT 69

COLUMNS

SALE OF AIR RIGHTS A real estate owner can make millions of dollars by selling air. The sale of air rights (i.e., transferable development rights) in New York City results from very strict zoning and land use laws and a shortage of developable space. Many buildings, including centuryold buildings on the Upper East Side and former industrial buildings on the lower West Side, may have these money-making rights that their owners never knew about.

Stuart M. Saft

Partner and Real Estate Practice Group Leader Holland & Knight LLP 787 Seventh Avenue, Suite 3100 New York, NY 10019 stuart.saft@hklaw.com (212)513-3308

In the post-War years, New York became worried about the impact of skyscrapers on the city’s streets and began to exert control over growth through a Zoning Code, which limited the ability of property owners to maximize the value of their property. The sale of development rights is an attempt to make owners whole for the value they lose. The Zoning Code divides the entire city into different areas depending on the density that is determined to be appropriate in that area. It also designates different uses for different sections (i.e., residential, commercial, industrial and mixed-use areas). Based on the area in which a certain parcel of property is located, the Zoning Code designates a certain Floor Area Ratio (FAR) for the parcel. A building on a specific parcel can then be built to a density generally based on the width of the streets on which the building faces multiplied by the FAR for that parcel. Accordingly, if the site on which your building sits has an FAR for residential of 6.02 and sits on a land area of 14,951 square feet, this would allow a building of approximately 87,838 zoning square feet to be developed on the site for residential use. However, if the existing building on that site has a gross floor area of 77,913 square feet, approximately 9,925 square feet of floor area could potentially be available for transfer to a development site (the Receiving Site). Residential development is generally limited by height factor regulations under which the maximum FAR depends on the height factor of the zoning lot. Depending on the market for development rights in a particular area, those development rights could have a value of from $200 per square foot to $1,000 a square foot or more which, based on the foregoing values could result in a payment of $1.985 million to $9.925 million. The issue then is finding a Receiving Site for

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the available 9,925 square feet of development rights. Generally, the Receiving Site has to either be adjacent to the site or within the same square block, providing that the intervening property owners to allow the transfer of development rights to a non-adjacent site. In this way, you can leapfrog the 9,925 square feet down the block. The exception to this need to remain with the block is either if your building is a landmark, in which your development rights can cross the street, or your building is located within a special zoning district (e.g., the Theatre District Zoning District or the High Line Zoning District) which would allow the development rights to be used anywhere within the district. The floor area calculations above do not take into account potential setback requirements, open space requirements, lot coverage restrictions, height restrictions or other restrictions that could limit new development. Such restrictions would be specific to the intended use of the Receiving Site. If the available floor area were transferred to a Receiving Site, your site and the Receiving Site would be treated as a single zoning lot, and the floor area and other restrictions would be calculated for the zoning lot as a whole. If mixed residential, commercial and/or community facility uses were proposed for the zoning lot, the applicable FAR and other restrictions for each such use and the existing residential use would be apportioned for entire zoning lot, provided that the total of all FARs may not exceed the greatest FAR permitted for any individual use on the zoning lot. A great many buildings are overbuilt, which because the 1961 Zoning Code was established after the building was built. Even though the building exceeds the allowable FAR for the parcel, because the building was grandparented it can remain and be rebuilt as long as less than 75% of the original building remains standing. In the 65 years since the Zoning Code was written we have not been required to deal with a building that has to be rebuilt to a smaller shell. One would hope that if a residential building was destroyed it could be rebuilt to its prior size and not the smaller size required by the Zoning Code.

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More than 35 years of real estate, condominium & cooperative experience WilkinGuttenplan uses expert industry knowledge in accounting, audit, and tax services to assist New York City real estate owners, developers, and investors of commercial and residential properties identify opportunities and guide them on implementing strategies to stay ahead of changing times.

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New York | New Jersey 212.247.9000 | 732.846.3000 wgcpas.com AUGUST 2026 | MANN REPORT 71

COLUMNS

What Makes for an Effective Co-op/Condo Board How often have you heard the complaints? A board member of a co-op or condominium has a conflict of interest in hiring a vendor, a board member doesn’t like me and is making it difficult to sublet my unit, some of the policies are too restrictive or lenient. The quality and professionalism of a board make a difference. An effective, smoothly functioning board of directors of a condo or co-op can make for a well-run building and perhaps increase unit values.

Ira Meister

President and CEO Matthew Adam Properties Inc. 375 Pearl Street – 14th Floor New York, NY 10038 imeister@matthewadam.com (212)699-8900

That’s not surprising. Board actions and reputations have an impact. An organized board focusing on the best interests of the building and residents can facilitate approvals of qualified buyers, seek innovative ways to improve the physical plant and services and have a long-range vision. With all the variables and the impact a board can have on the building and the quality of life of the residents, it is helpful to explore what makes an effective board and what skills and traits board members should have. The members’ primary concern should be the interests of the building and its residents. They should understand the needs of the property and shareholders/owners and their expectations. Secondly, the board members should understand that serving on the board entails a time commitment. It’s great to have enthusiasm and dedication, but one must have the time to learn about the various issues and be prepared for meetings and votes. There are many demands on board members from working with the other members and the property manager to developing the annual budget, maintaining the desired level of services, exploring improvements, having a long-term plan and handling residents’ comments and complaints.

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groups can have different income levels as well as plans for the property. A board benefits when new members, who bring a fresh perspective and the views of a majority of residents, join. With the various issues that come before a board including finances; construction; staffing; adhering to new city, state and federal regulations; lawsuits and dealing with unhappy residents, an effective board should have persons with differing skills and expertise. A board overloaded with attorneys or financial professionals will have a narrower focus than one that is diverse, in age, experience and talents. Board members have considerable impact on the lives of fellow residents in addition to approving buyers in co-ops. Does the building permit pets, and are there restrictions such as size or type of pet? Does the building allow sublets and what are the time limits and number of times a unit may be sublet? Does the co-op limit sales only to primary residents? All of these issues can have an impact on the culture and quality of life in the building. Decisions are needed on improvements. For example, should the building redo the lobby and hallways? The property manager will make recommendations, but it is up to the board to accept and fund them and determine whether the expense should come out of operating funds, the reserve fund or borrowing. Each option impacts on the monthly charges.

Serving on a board requires being part politician and part psychologist. Being a good listener is valuable.

In formulating the budget and the monthly charges, boards often consider whether to defer preventive maintenance to keep the monthly charges lower and kick the can down the road when actual costs will be higher. Or they can create and adhere to an ongoing plan to upgrade mechanical systems. And in today’s world, there is the question of what technology would benefit the building and the cost.

In New York’s changing economic environment, the question arises whether the board reflects the building’s population or is comprised of a tight-knit group such as long-time residents, when the majority of apartments are owned by more recent buyers. The

Over the years I’ve worked with hundreds of board members. Most are dedicated people who want to do the best for the building and residents, take their responsibilities seriously and in return get great satisfaction in serving.

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Bringing Innovation to

property management Matthew Adam Properties is a long-time leader in bringing innovative ideas and programs to the properties we manage. Contact us to find out how we can innovate your building to a new level.

Ira Meister, President | 375 Pearl Street - 14th Floor | New York, NY 10038 T: 212.699.8900 F: 212.699.8939 imeister@matthewadam.com | matthewadam.com mannpublications.com AUGUST 2026 | MANN REPORT 73

COLUMNS

2026 Mid-Year Check In The first half of 2026 can be summed up as challenging, uncertain and step-by-step. After six decades in the real estate business, I’ve learned that markets have a way of humbling even the most informed consensus, and the first six months of this year were a sharp reminder of that. I, and most, expected interest rates to drop. Instead, they moved in the opposite direction, pushed higher by the Iran War and the inflationary pressures of evolving federal policies. Interest rates have a mind of their own, shaped by countless variables no single forecast can capture, and for investors, that uncertainty reinforces one thing above all else: the importance of maintaining balance.

Francis Greenburger Chairman and CEO Time Equities

55 Fifth Ave., 15th Floor New York, NY 10003 (212) 206-6000

Residential rentals in New York City remain very strong while nationally, the trend toward properties offering fitness centers, shared workspaces, wellness spaces and community programming continues to shape what renters choose. One significant shift that I don’t think is fully understood yet is the piedà-terre tax. I believe it is going to be genuinely disruptive to investment decisions, residential demand patterns and the broader economics of owning property in this city. National retail is another standout, with demand appearing to be at a 20-year high. The omnichannel approach has proven more durable than the skeptics expected. Rather than e-commerce displacing brick-and-mortar, retailers have found ways to integrate the two, using their physical store networks as distribution and fulfillment infrastructure alongside online operations. The office sector is where I see the most opportunity in the back half of 2026. Significant discounting is happening in office and in underoccupied office in particular. That is where the most creative, contrarian buying can be done today, but its success depends on future office demand. Throughout my career, some of the most attractive investments have emerged from sectors facing the greatest uncertainty, and I think that holds true here. Geography continues to matter as well. We continue to have great confidence in Palm Beach County, Florida domestically. Internationally, Holland remains a positive market for us. Regarding the overall investment climate so far in 2026, investor interest at a macro level has been substantial. However, many investors are looking for short-term deals that offer liquidity — difficult to accommodate in most real estate business plans. Real estate is an inherently illiquid investment and creating a solution for that can be quite complex, but not impossible. At Time Equities, we’ve created a market with a variety of options for our own secondaries, offering some flexibility for investors

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in our deals. It’s hard to do, particularly in weak markets, but that is precisely when investors want it the most, and when the ability to create liquidity is most valuable. Looking ahead toward 2027 and beyond, my greatest area of concern is demographics. Declining birth rates and reduced immigration levels raise serious long-term questions about demand across real estate categories. Countries like Germany and Canada have historically used immigration policy to offset these headwinds and support labor force and population growth. Whether the United States effectively addresses these trends remains an open question. The effects may not be fully felt by 2027, but the early signals are already visible. School systems across the country are seeing under-enrolled, under-utilized buildings. That is a leading indicator worth paying attention to. My optimism for the near-term future sits somewhere between stabilized properties with strong long-term leasing profiles and heavily discounted assets with meaningful upside, assuming market demand recovers. Additionally, stability in government policy and improvement in interest rates would benefit virtually every property sector. What has remained constant throughout every market cycle is straightforward: diversification and reliability. As Time Equities marks its 60th year in business, our portfolio includes over 45 million square feet of primarily office, retail, industrial and multifamily property. This includes a few million square feet in pending acquisitions and properties in various stages of pre-development and development. Time Equities has more than 350 properties across 37 states, five Canadian provinces, Anguilla, Germany, Italy, the Netherlands and the U.K. Our portfolio also benefits from a diversified range of asset and investment types including student housing, non-performing loans, B-notes and alternative energy investments. We are constantly evaluating new opportunities on a global level. No single market, asset class or strategy performs well all the time, and the ability to balance strengths against weaknesses across a diversified portfolio remains one of the most effective ways to navigate uncertainty. Real estate is also, ultimately, a relationship business. Through every cycle, being a dependable partner to our investors, lenders and tenants has proven to be as valuable as any individual transaction. The challenges facing commercial real estate today are real. So are the opportunities. The key, as it has always been, is moving forward one step at a time.

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COLUMNS

How Good Data Can Overcome Poor Interest Rates for Real Estate Brokers Very few circumstances challenge the success of commercial real estate (CRE) brokers as much as a rise in interest rates. An increase in rates is like a dark cloud over the market, reducing transaction volumes while also pushing down margins on the transactions that continue to happen. When the dark clouds of high interest roll in, brokers keep their eyes on the horizon for better weather.

Doug Sullinger Founder and CEO Baizel AI

100 North Tampa St. #1725 Tampa, FL 33602

Lately, however, high interest rates have become a long-term forecast rather than a passing storm. The dramatic spike that surfaced in late 2022, initially considered a temporary crisis, has stuck. As a result, brokers have been forced to find new strategies for remaining profitable without the advantages that come with low interest rates. Unsurprisingly, many brokers are turning to artificial intelligence (AI)-powered platforms to gain new advantages. With AI, brokers can conduct next-level assessments of property, considering a wider range of factors with greater precision to better identify properties with the potential to deliver a return. But as brokers turn to AI, they must make sure AI platforms are built around good data. With the right type of data, AI becomes an invaluable partner. Without it, it becomes a liability. What Good RE Data Looks Like AI models need more than just access to data. They must also be able to preserve relationships, understand structure and communicate uncertainty when it is present in results. In the world of CRE, providing those components requires overcoming several challenges. Commercial real estate data is unusually local, fragmented and consequence-heavy. Before that kind of data can guide real estate transactions, it must be connected and given context. Key data points such as parcel boundaries, permit filings, tenant mixes and traffic drivers can’t be treated as isolated facts if they are to provide the high-quality data that makes AI platforms valuable to brokers.

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language but won’t generate reliable judgment. How Bad Data Hurts Brokers To understand the dangers of bad data, you must understand how AI interacts with data. It doesn’t draw on data to deliver answers. Rather, it trains on data to develop a sense of how things work. Regardless of whether the data is good or bad, it will learn from it. When it is bad, the result can be a false positive presented as reliable insight. AI’s relationship with data is why AI bias is such a threat. AI models that learn from biased information can project that bias into other areas. The bad data that leads to the bias doesn’t stay localized, but compounds. Bad data leads to a failure mode in AI, but that mode isn’t marked by the lack of an answer. An AI platform running on bad data gives an answer that sounds researched, complete and operational, but that leads brokers in the wrong direction. When data doesn’t provide a strong parcel match, an asset can be wrongly assessed due to an incorrect permit history. When the data involves a providerlevel coverage gap, a county can be mistakenly perceived as underdeveloped or overdeveloped. Bad data creates issues for brokers that are more than theoretical. If not addressed, bad data will mislead brokers on acquisition strategy, retail expansion, site selection, development risk and underwriting. Streamlining the Search for Financing Just like good data can help brokers find an optimal property, it can also uncover optimal financing options. Platforms that can tap into up-to-date property-level financials, borrower risk levels, market metrics and credit boxes can streamline the process of finding and securing financing that makes sense in a real estate landscape impacted by high interest rates.

Real estate sites are valuable because of their context. AI platforms that can’t make connections won’t have context or, consequently, provide true value to brokers.

AI can also guide financing by providing brokers with insights into the impact of rate changes. Through “rate shock” simulations, AI can project what would happen if rates suddenly spiked or if other economic events affected cash flow. By revealing potential pitfalls, AI helps brokers understand the true risks they are taking on in each financing scenario.

Getting commercial real estate intelligence from AI is a process that begins well before a platform user submits a prompt. It starts with parcel normalization, zoning interpretation, permit linkage, POI classification, spatial joins, source lineage and field-level coverage analysis. Without that foundation, the platform may generate

The latest AI models are extremely powerful, enabling brokers to extract structured intelligence from fragmented operational data. But the models that will give brokers the edge they need to overcome the challenges brought by high interest rates must be built on clean, connected, domainspecific data.

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AUGUST 2026 | MANN REPORT 77

COLUMNS

Façades Don't Wait for the Deadline Every five years, the same scene repeats across New York. A filing deadline approaches, an owner scrambles for an inspector, a report comes back with conditions nobody budgeted for, and a sidewalk shed goes up that everyone swears will come down “in a few months.” Two years later, the shed is still there, the fines are mounting and a program designed to keep pedestrians safe has instead become a symbol of dysfunction. It does not have to be this way.

Ernest Rrika

Director of Operations Peninsula Property Management 390 5th Ave New York, NY 10018 (212)204-1728

The Façade Inspection Safety Program (FISP) — Local Law 11 to most of us — is not going anywhere, and the owners who thrive under it are those who stop treating it as a periodic emergency and start treating it as what it actually is: a recurring capital event you can plan for, budget for and even profit from. Consider where we are in the calendar. Cycle 10 opened February 21, 2025, and runs through February 21, 2029. It is split into three sub-cycles by the last digit of your building block number. Sub-cycle 10A (blocks ending in 4, 5, 6 or 9) is already underway, with reports due by February 21, 2027. Sub-cycle 10B (blocks ending in 0, 7 or 8) opened this past February and runs to February 21, 2028. Sub-cycle 10C (blocks ending in 1, 2 or 3) follows in 2027. If you own or manage a building taller than six stories, one of those windows has your name on it, and the smart move is to know exactly which one today rather than discovering it from a violation notice. The penalties are the part owners tend to underestimate until the invoice arrives. File your initial report late and the Department of Buildings (DOB) charges $1,000 per month until it lands. Leave an unsafe condition uncorrected and you face penalties starting around $1,000 monthly and climbing with the size of the shed and the time elapsed. Unsafe-façade violations carry Environmental Control Board penalties with a $5,000 base that can reach $25,000. Even the seemingly benign Safe With A Repair and Maintenance Program (SWARMP) designation has teeth. Those conditions come with a repair deadline at least a year out, and if you miss it, the DOB can downgrade the building to Unsafe and

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start the fine clock running. SWARMP is not a free pass. It is a homework assignment with a due date. Here is the reframe I urge every owner to make. The real cost of FISP is rarely the inspection or even the fine. It is the sidewalk shed. A shed signals to tenants, lenders and prospective buyers that something is wrong. It darkens retail frontage, depresses ground-floor rents, invites complaints and quietly chips away at the asset’s value every month it stands. The owners who win under Local Law 11 are simply the ones who get their sheds down fastest — and the way you do that is by being ahead of the cycle, not behind it. Being ahead looks like this. Engage your Qualified Exterior Wall Inspector (QEWI) early in your window, not in its final weeks when every good firm is booked. Treat the QEWI’s report as a five-year roadmap, not a one-time grade. Fold SWARMP repairs into your capital plan immediately, with the deadline calendared and the funding reserved, so a manageable maintenance item never matures into an Unsafe condition and a fine. And use the inspection as intelligence: a façade that needs attention this cycle is telling you something about waterproofing, lintels and parapets that will only get more expensive if ignored. There is a financial logic here that goes beyond compliance. Deferred façade maintenance does not disappear; it compounds. The crack you seal for a modest sum today is the spalling concrete and emergency shed you pay many multiples for tomorrow. Façade condition is increasingly part of how sophisticated capital underwrites New York real estate. A clean FISP history is an asset. None of this requires heroics. It requires a calendar, a reserve line and the discipline to act before the deadline rather than after the violation. FISP rewards owners who plan and punishes those who react. Pull out your block number, find your sub-cycle and decide now which kind of owner you intend to be. The buildings that age gracefully in this city are not the lucky ones. They are the managed ones.

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COLLEGES

STEAM Neat: Simone Development, NYC School Construction Authority Create

Bronx STEAM Center at Hutchinson Metro Center Atrium

TEAM rises — or at least STEAM education will in the Bronx, as Simone Development Companies announced that the New York City Construction Authority (SCA) has signed a long-term lease to establish the new Bronx STEAM Center in 54,245 square feet across two floors at the Hutchinson Metro Center Atrium, a three-story, 361,857 squarefoot mixed-use property located at 1776 Eastchester Road.

“The Bronx STEAM Center represents the kind of future-focused learning our students deserve. This center creates a bridge between rigorous academics and meaningful careers, while anchoring long-term opportunities for young people and families in the Bronx,” said New York City Public Schools Chancellor Kamar Samuels. “The center highlights the importance of having a dedicated space for student-centered, hands-on experiences in an innovative model, and I look forward to seeing it open the door to college and career opportunities and lifelong success.”

facility. It reflects the power of publicprivate collaboration to create long-term opportunities in the Bronx. It will deliver a modern, flexible learning environment designed to prepare students for careers in healthcare, technology, engineering, design and the applied arts. We are especially proud to partner with our long-time tenant Montefiore Einstein to help bring the firstever healthcare-focused career pathway to

"The Bronx STEAM Center represents In addition to Montefiore Einstein’s partnership, the Bronx the kind of future STEAM Center’s placement at the Hutchinson Metro Center opens the focused learning our possibility for synergies with many STEAM (Science, Technology, Engineering, organizations among the more than students deserve..." Arts, and Mathematics) schools integrate 80 leading healthcare providers, The new lease marks a major public-private investment in career-connected education for Bronx students, significantly expanding access to hands-on learning, industryaligned training and healthcare-related career pathways.

interdisciplinary, hands-on learning to foster creativity, problem-solving and realworld application. A cohort of 11th and 12th graders from selected Bronx partner high schools spend at least half of their day in a work-immersive environment after choosing one of the specific pathways housed within the STEAM Center. In partnership with Montefiore Medical Center, Bronx STEAM has initially launched offerings in high-demand healthcare and technology pathways, including certified nursing assistant, cybersecurity and medical assisting.

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businesses, government agencies — Kamar Samuels and educational institutions at the campus. Students will as a result will gain direct exposure to the industries and the Bronx STEAM Center as we support these ongoing initiatives shaping the next employers shaping the borough’s future. generation of NYC thinkers and creators.” “Bringing the Bronx STEAM Center to the Hutchinson Metro Center is incredibly “CEI is proud to serve as the lead community meaningful not only for participating partner of the Bronx STEAM Center — and students and for our campus, but for the to stand alongside Montefiore Einstein, borough as a whole,” said Joe Simone, Simone Development and the extraordinary president of Simone Development leadership of Principal Maha Hasen and Companies. “This transformative her team in bringing this vision to life,” said project is more than a new educational Meisha Porter, visiting senior fellow, Center

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COLLEGES Photo courtesy of Simone Development

for Educational Innovation. “Through this partnership, CEI will bring its expertise, relationships and citywide platform to bear in support of the Center’s growth — connecting students to industry, strengthening resource development and helping build the ecosystem of partners this work demands. The Bronx is primed — and its young people deserve infrastructure that matches their ambition. The Bronx STEAM Center is exactly that, and we are honored to help develop it.”

investment firm with a portfolio exceeding seven million square feet.

Simone Development’s in-house leasing and legal teams, along with outside counsel from Adler & Stachenfeld LLP, negotiated the transaction directly with the SCA.

While the permanent space is under development, programming is currently operating at a temporary site within Mercy University’s Bronx campus at 1200 Waters Place at the Hutchinson Metro Center, serving 100 students from 10 Bronx high schools. The new center will significantly expand capacity and allow Bronx STEAM to serve over 700 students from partner high schools across the borough. The space will feature industry-aligned classrooms, labs and makerspaces designed to support interdisciplinary STEAM learning and real-world applications.

Simone Development Companies is a family-owned, full-service real estate

The Bronx STEAM Center is the Department of Education’s second of this

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kind. The first to open was the Brooklyn STEAM Center in 2017, located at the Brooklyn Navy Yard. The Brooklyn STEAM Center now serves 600 students across 12 career pathways including cybersecurity, HVAC, video production, manufacturing and culinary arts. The Bronx STEAM Center was among seven new schools that opened citywide for the 2025–2026 school year, with the goal of bringing a STEAM Center to every borough and expanding access to worldclass education, accelerated learning and career pathways for thousands more students.

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AUGUST 2026 | MANN REPORT 83

RENEWING THE RAILS

Replacing an obsolete Department of Transportation (DOT) administration building and maintenance yard while continuing critical 24/7 operations takes expertise and coordination. That’s why the New York City Department of Design and Construction (DDC) and New York City Department of Transportation brought in the design-build team of lead architect Urbahn Architects, design excellence architect Selldorf Architects and builder Scalamandre-Tully JV for the $121 million Harper Street DOT administration building and yard redevelopment project at 32-11 Harper Street in the Willets Point section of Queens, adjacent to Flushing Bay. ScalamandreTully JV is a joint venture of Peter Scalamandre and Sons Inc. and Tully Group. Arup serves as owner’s representative. It was a long time coming. The Harper Street Yard contained structures dating back to 1934 that were in severely deteriorated condition and no longer capable of supporting modern operational, safety or resiliency requirements. The new project includes the design and construction of three new buildings: a 72,820-square-foot, five-story administration and personnel building and warehouse; an 1,849-square-foot, two-story washbay structure and a 100-square-foot precast concrete flood- and storm-resistant security booth. The new

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administrative building will feature a larger, two-story base (the plinth), as well as a smaller, three-story office section above. “The redesigned facility will address the current deficiencies and limitations, including creating more efficient workflows and traffic pathways, increasing on-site safety for pedestrians and vehicles, increasing protection from flooding and implementing sustainable strategies to meet LEED Gold certification,” said Urbahn Associate Principal Ijeoma D. Iheanacho, NOMA, AIA, LEED AP. “The site’s existing maintenance/repairs building and fuel monitoring and fueling stations will not undergo renovations. However, three other structures will be demolished and replaced.” Construction is taking place in phases to allow operations to continue. Once the project is complete, all of the DOT’s maintenance components, equipment and supply storage will be housed in one location and the yard will operate as a highly functional and sustainable complex, noted Scalamandre DesignBuild Project Manager Prince R. Shah, CCM. “Despite its utilitarian function, the redeveloped yard will showcase attractive architectural design, as required by the DDC’s request for proposals. It was also vitally important to the team to future-proof the administrative building and the

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ARCHITECTURE | ENGINEERING | CONSTRUCTION

Renderings courtesy of Selldorf Architects

entire facility, so it remains disaster resilient and new technology-ready and utilizes maximum amount of sustainable design concepts, systems and materials,” said Urbahn Principal Rafael Stein, AIA.

industrial sites, while the interiors feature pops of green and yellow drawn from DOT traffic signage, which will aid wayfinding for staff and visitors. The area around the administrative building entry is covered by the overhanging second floor of the plinth, which provides a sheltered gathering space for the staff. Precast concrete benches as well as bicycle racks in this location will be anchored to concrete pavement to resist flooding.

The project team includes landscaping architect Quennell Rothschild & Partners, HVAC engineer Legacy Engineering, plumbing and electrical engineer Collado Engineering, sustainability consultant WSP, lighting designer Lumen Architecture and civil/ structural/geotechnical/flood resilience/traffic engineer McLaren Engineering Group.

On the north side of the building, a planted area with birch trees will frame the views of Flushing Bay from the lobby. To the east, the site will house additional plant beds for use by employees to plant their own vegetables and flowers, with more benches and picnic tables located in this area.

The architectural team includes Urbahn Design Principal In-charge Rafael Stein, AIA; Iheanacho and project architect Michael Sheedy, AIA as well as Selldorf Principal Annabelle Selldorf, FAIA; Partner Kevin G. Keating, AIA; project manager Andy Kim, RA; project architect Matthew Fischer, RA and architectural designer Immanuel Went.

With the goal of a high level of sustainability and LEED Gold certification, the site and the buildings were designed for a 40% reduction in indoor annual water usage and will include onsite rainwater management system. The main new building’s design maximizes daylight and views and will use increased fresh air ventilation, low-embodied carbon and low-emitting materials and high-efficiency HVAC systems.

Commenting on the design, Keating noted, “Designing a building that supports the day-to-day needs of DOT staff, while also engaging those who observe it from its surrounding context, elevates this type of infrastructure project. It demonstrates the power of architecture and how thoughtful design can contribute to a more resilient and sustainable city.”

New plants on the site will include river birch and willow oak trees, inkberry bushes, no-mow grass, shrubs and sedum plantings. The new trees will decrease the urban heat island effect and improve air quality. All plants in the design are native to the region and were selected for their ability to thrive in urban waterfront conditions.

Sustainability features will also include a new geothermal heating system of 32 wells that will extend 400 feet deep. The building is designed to meet New York City’s and New York State’s electrification requirements and will feature 38 new EV charging stations. To maximize access to views of Flushing Bay and natural light from almost all the offices, the interiors will feature a lot of glazing and open workspace layouts. The interiors will feature metal, plastic and glass industrial-type wayfinding signage designed by Studio 397. The signage is understated and elegant, visually referencing the function of the site.

Three main exterior materials are deployed in: concrete, metal panel and glass. The base of the building will mostly have opaque concrete surfaces with added fenestrations and openings providing vehicle access. The plinth is clad in vertically oriented corrugated, anodized Galvalume metal panels that emphasize crisp simplicity and clarity. The continuous floor-to-ceiling unitized glazing panels that clad the administrative/office program spaces on all sides provide optimal daylight and panoramic views for staff, with individual and collaborative work areas located at the perimeter of the floor plate. The structure will be crowned with a second, narrower band of Galvalume panels. The exterior color palette of grays references neighboring

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ARCHITECTURE | ENGINEERING | CONSTRUCTION

High Art at Excel Miami Is it a building,or is it a canvas? Excel Miami, a 24-story residential tower being built by Shawmut Design and Construction for Clearline Real Estate, will be both for what is expected to be the tallest mural in the United States. The four-mural installation by internationally renowned German artist MadC will reach up to 245 feet on the south side of the tower, extending to the top of the building and creating a public-facing visual landmark in downtown Miami. “The most memorable buildings tell a story. With Excel Miami, we wanted to create a place where architecture, public art and everyday life intersect. MadC’s mural will transform the building into a landmark visible across the city, and we’re proud to contribute a work of this scale and ambition to Miami’s public realm,” said Jenny Bernell, founder and chief executive officer of Clearline Real Estate. “As we begin welcoming residents to Excel Miami this September, we’re excited to offer a community for people who value creativity, design and a connection to the culture that makes Miami unique.” For Shawmut, the installation represents a major construction and coordination milestone, requiring the project team to prepare the building at the highest quality and on schedule so the artist and her team could safely execute the large-scale work. At press time, the mural installation was expected to be complete by early July. “At Shawmut, we are focused on more than the physical structure. We

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are focused on how a building comes together, how it interacts with its surroundings and how it ultimately contributes to the community,” said Alexis Leal, head of Florida for Shawmut Design and Construction. “This installation is a powerful example of how construction, design and public art can intersect to create something memorable for Miami.” Located in downtown Miami , Excel Miami is a 427-unit multifamily development that will bring new housing, street-level retail and public-facing art to the neighborhood. As construction manager, Shawmut has overseen the complex process of advancing the ground-up tower while coordinating with the development team, design partners and project stakeholders to support the building’s broader vision. The mural is being created by MadC, the artistic name of Claudia Walde, whose work is rooted in graffiti writing and large-scale urban contemporary art. Known for her vivid use of color, dynamic calligraphy and layered abstract compositions, MadC has created murals and installations around the world, with work spanning streets, museums, galleries and major cultural institutions. The installation will include four murals across the building, with the south elevation serving as the primary canvas for the largest work. As public-facing art, the community was welcome to come watch the mural come to life throughout the process. The sketches of MadC’s work will be displayed inside the building, giving Excel Miami residents an opportunity to engage directly with the creative process behind the installation.

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Photos courtesy of Shawmut Construction

“As we begin welcoming residents to Excel Miami this September, we’re excited to offer a community for people who value creativity, design and a connection to the culture that makes Miami unique.” — Jenny Bernel

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Year Celebration

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Sunrise Day Camp–Long Island is a proud member of the Sunrise Association, whose mission is to bring back the joys of childhood to children with cancer and their siblings worldwide. Sunrise accomplishes this through the creation and oversight of welcoming, inclusive summer day camps, year-round programs and in-hospital recreational activities, all offered free of charge. Sunrise Day Camp–Long Island is a program of the Friedberg JCC, a beneficiary agency of UJA-Federation of New York.

Sunr se

Sunr se Association

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AUGUST 2026 | MANN REPORT 89

Executive Changes DIG Architecture Names Masler Beach as Principal DIG Architecture (DIG), based in New Brunswick, New Jersey with offices in Philadelphia and New York City, has named Jaime Masler Beach, AIA, NCARB, to the position of principal. This strategic promotion coincides with the firm’s 20th anniversary. Masler Beach career spans over 25 years, including 14 years with DIG. As principal, she will continue to oversee project delivery standards and champion DIG’s mission across New Jersey, Pennsylvania and New York State. Known for her hands-on, solutions-oriented leadership style, Masler Beach oversees projects from early planning through final delivery, ensuring complex visions align with budget realities. Her public sector practice focuses on the belief that public spaces — from libraries and universities to senior living, community health centers and government facilities — serve as essential social infrastructure and deserve the same caliber of innovation as high-end private developments.

Jaime Masler Beach

“Jaime is a driving force behind some of our most complex and impactful projects,” said Jeff Venezia, DIG’s chief operating officer and a co-founding principal in the announcement. “Her promotion reflects an unwavering

commitment to design excellence and an innate ability to foster deep, collaborative relationships. She expertly navigates challenging conversations with professionalism, empathy and wit, keeping diverse stakeholder groups aligned while maintaining project momentum.” Masler Beach’s portfolio includes more than $200 million in civic and institutional assignments, with expertise in transforming historic and constrained sites into flexible, modern environments. Among her projects are the $140 million Union County (New Jersey) Government Complex civic campus, $70 million academic facility renovation at Kean University’s main campus, $18 million Bjork Library transformation at Stockton University and $6.2 million restoration of the Carnegie-era Long Branch Free Public Library. A registered architect in New Jersey and Pennsylvania with NCARB certification, Masler Beach holds a Bachelor of Architecture degree from the former Philadelphia University (now Thomas Jefferson University-East Falls). Her commitment to the industry is reflected in her engagement with AIA New Jersey, AIA Central New Jersey and Professional Women in Construction (PWC).

Photo courtesy of DIG

William Raveis Names Balbuena Senior VP of New York City and Hamptons Operations William Raveis Real Estate has appointed Lauren Balbuena senior vice president, overseeing operations, growth and agent development across New York City, the Hamptons and the North Fork, Long Island, New York. The appointment reflects William Raveis’ continued investment in its privately held, family-owned business model, focused on serving luxury markets and supporting top-producing agents across the Northeast, Florida and South Carolina, the firm said.

Chris Raveis and Lauren Balbuena

Balbuena brings more than a decade of real estate industry experience in brokerage operations, recruiting, agent development and strategic growth. Most notably, she led the successful relaunch of a Manhattan franchise in 2021, helping to grow the office by more than 200 agents while transforming it into one of the organization’s top-performing offices. Throughout her career, she has overseen operations supporting more than 1,800 agents across seven offices. William Raveis maintains a strong presence across New

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York, including its Manhattan Upper East Side office and seven East End locations spanning both the Hamptons and the North Fork, from Montauk, East Hampton, Bridgehampton, Southampton and Westhampton Beach to Mattituck and Greenport. “Lauren’s track record of building high-performing offices and developing successful agents makes her a natural fit for this role,” said Chris Raveis, president of residential sales for William Raveis. “As a privately held company, we can focus on long-term investments in our agents, technology and the luxury markets we serve. Lauren’s leadership aligns perfectly with that strategy.” “I was drawn to William Raveis because of its longterm vision, commitment to agents and family-owned culture,” said Balbuena. “The combination of market expertise, innovative technology, luxury positioning and services such as Elite Concierge Services and Wealth Management creates a powerful platform for growth. I’m excited to help expand our presence throughout New York.”

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Decode Real Estate Adds Kamm as Founding Partner

Jeremy Kamm

Jeremy Kamm has joined Decode Real Estate, the New York City-based boutique brokerage founded by Danielle Nazinitsky, as founding partner in New York. Kamm brings nearly a decade of experience in New York City real estate, $100 million-plus in career sales and a strong background in brokerage leadership, client service and luxury staging.

professionalism and creativity that strengthens our entire platform,” said Nazinitsky, founder of Decode Real Estate. “He understands both the business and the presentation side of real estate, and that combination is incredibly valuable. As Decode continues to grow, adding experts who can contribute at a high level across sales, marketing and brand-building is a big part of our vision.”

Most recently, Kamm served as director of strategic growth at Coldwell Banker Warburg, where he worked for more than six years as a salesperson before stepping into a leadership role. In that time, he helped attract more than 30 agents, supporting new agents totaling $4 million-plus in GCI. A native New Yorker, Kamm has represented buyers and sellers in co-ops, condos and single-family homes throughout Manhattan, Brooklyn and the Bronx.

Kamm is also the founder of RubriK Staging Co., a luxury home staging company that reflects his eye for design and his belief in the power of presentation.

“Jeremy brings the kind of strategic thinking,

RubriK’s track record includes completing more than 70 projects across New York City, with most entering contract in under 30 days. Kamm’s arrival follows a period of continued growth for Decode Real Estate, including the firm’s recent expansion into the Hamptons.

Photo courtesy of Decode Real Estate

Former NYC Planning Official Abinader Joins GZA Olga Abinader, a former New York City planning official, has joined GZA GeoEnvironmental Inc.’s Land Use and Environmental Planning practice as an associate principal.

Olga Abinader

public and private sectors.”

Based in GZA’s Manhattan offices, Abinader will play a key leadership role within the firm’s planning practice, helping clients navigate land use regulations, environmental impact assessments, and sustainable development initiatives, the firm said. GZA’s Land Use and Environmental Planning practice has been growing to meet rising client demand for complex planning and permitting expertise.

Abinader most recently served as director of environmental review and land use planning at Matrix New World Engineering, a national environmental consulting firm. In her role as director of the environmental assessment and review division at the New York City Department of City Planning, she oversaw hundreds of major development projects through the City Environmental Quality Review process, supporting transit-oriented growth, affordable housing and resilient communities across New York City.

“On behalf of all her new colleagues at GZA, I’m honored to welcome Olga to our team,” said GZA President and CEO Patrick Sheehan. “She brings tremendous experience and technical skills in urban planning, environmental review and sustainability across both the

She holds a Master of Urban Planning from Harvard University and a bachelor’s degree from Brown University. Abinader earned the Envision Sustainability Professional (ENV SP) designation and the WEDG (Waterfront Edge Design Guidelines) Associate credential.

Ware Malcomb Promotes Rothenberg to Director, Mechanical Engineering in New York International design firm Ware Malcomb has promoted Joel Rothenberg to director, mechanical engineering, based in the company’s New York City office. In this role, he will lead Ware Malcomb’s mechanical, plumbing and fire protection (M/P/FP) design efforts across all its offices. “Since joining our team in 2021, Joel has consistently demonstrated strong technical expertise, a collaborative mindset, and a commitment to supporting both individuals and teams across the firm. We congratulate him on this well-deserved promotion,” said Michael Rometo, principal, Ware Malcomb.

Joel Rothenberg

Photo courtesy of Ware Malcomb

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Rothenberg has played a key role in integrating mechanical engineering services into collaborative proposals with other groups and offices. For these projects he has assembled and managed the M/P/FP teams, developed and maintained design standards, evaluated diversification opportunities and strengthened

collaboration with principals, managers and project managers within the company. Previously as manager, mechanical engineering, Rothenberg was responsible for the management of all mechanical engineering disciplines within the firm’s Northeast offices, overseeing a staff of engineers, designers and BIM operators, establishing design concepts, maintaining technical design quality and ensuring accurate production of design documents. In his career, he has worked on a variety of projects including office fit-outs, warehouse/distribution centers, airports, manufacturing facilities, healthcare facilities and data centers and residential buildings. Rothenberg earned a bachelor’s degree in mechanical engineering from Binghamton University and is a registered professional engineer and licensed in 14 states.

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BY I N V I TAT I ON ON LY

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COMMERCIAL CORNER

Gregory H. Gushée Executive Vice President Related Cos.

Gregory H. Gushée is an executive vice president of Related Companies. Gushée joined Related in 1997 and manages developments in New York City including large mixed-use projects, rental housing, condominium housing and affordable housing, including as well as large data center projects out of state. A current project is the upcoming The Village at Tuxedo Reserve, a mixed-use downtown district featuring retail and a food market in Tuxedo, New York, that will anchor Tuxedo Reserve, a new community that also includes housing by Lennar. In addition, he oversees certain corporate and innovation initiatives within Related. How long have you been in the business? I’ve spent 29 years in real estate development with Related, working on many transformative projects, mostly in New York City. How did you get into the business? My background is actually in engineering. I’ve always been fascinated by building things and solving complex problems. After college, I worked as a real estate agent in Cambridge, Massachusetts, renting apartments and later buying and selling distressed foreclosure properties throughout the Boston area during the early 1990s. I loved the entrepreneurial aspect of the business and the opportunity to create value through vision and execution. That experience led me to Columbia Business School, and after graduating I joined Related Companies in 1997. The combination of engineering, entrepreneurship and community building through real estate has been the foundation of my career ever since.

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Who inspires you? If I had to pick one: Elon Musk. I read his biography in 2016, and it genuinely changed the way I think. What struck me most was his willingness to pursue ambitious ideas that many people initially thought were impossible. It gave me a different perspective on innovation, out-of-the-box thinking and the power of vision. What are the challenges of building a new community near Manhattan? One of the biggest challenges is helping people see the vision before it fully exists. When you’re creating an entirely new community, you’re asking people to imagine not just a home, but a future lifestyle, where nothing existed before and there is nothing quite like it. What makes The Village at Tuxedo Reserve unique is that it offers something increasingly rare: a true village environment, with what will be a close community, surrounded by extraordinary natural beauty, yet within easy reach of Manhattan. The challenge isn’t the location — it’s helping people understand how special the opportunity is before they can experience the finished product firsthand. Our job is to execute at a level where the reality ultimately exceeds the vision. Now that the weather is better and the buildings are under construction, it is much easier to see the vision, and I am thrilled that most people do see it now and are getting as excited as I am. Is the food market an evolution of how

town centers should be built? Absolutely. A food market is often the true heart of a community. It’s one of the few places that residents visit multiple times each week, making it a natural gathering spot where neighbors run into one another, exchange news and build relationships. We saw this firsthand when we integrated Whole Foods into Time Warner Center in New York. It became much more than a grocery store — it energized the entire retail environment and became a hub for the area. At The Village at Tuxedo Reserve, the food market is intentionally positioned adjacent to and integrated with the Village Green and Village ice rink at the center of the community. This combination super charges the community building impact. Together, these elements create a natural gathering place where daily life happens. The result is a vibrant village center that fosters connection, activity and a genuine sense of belonging. How will this inform future projects? People increasingly want more than a house — they want connection, walkability, experiences, wellness and a strong sense of place. The lessons we learn here about creating community, integrating amenities, activating public spaces and blending nature with village life will influence how we think about future developments for years to come. What keeps you up at night? Honestly, thinking about new ideas for The Village at Tuxedo Reserve.

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AUGUST 2026 | MANN REPORT 95

BY THE NUMBERS

Tech Turns Real First it was the Wild West, then it was maturing. Now, the proptech sector is facing the same ups and downs and judgment calls as any other investment category. New companies are still rising, and funding continues, but now we’re seeing these opportunities assessed just like any other, as we can see by the numbers.

$44.6 billion The current size of the global proptech market. (Software Equity Group, “State of Proptech Report”)

6.5 Proptech investor confidence index at year-end 2025, up 0.3 from mid-year. (Metaprop/PwC, “Year-end 2025 Global Proptech Confidence Index”)

$1.7 billion The amount raised by proptech and adjacent companies globally in January 2026. (Center for Real Estate Technology and Innovation)

92% The percentage of real estate companies that now employ artificial intelligence. (JLL, “Global Real Estate Technology Survey 2025”)

1.83 The average deal flow monthly in proptech. (New Market Pitch)

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96 MANN REPORT | AUGUST 2026

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